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P & X Mkts., Inc. v. Commissioner, 106 T.C. 441, 443 (1996),
affd. without published opinion 139 F.3d 907 (9th Cir. 1998);
Boyd Gaming Corp. v. Commissioner, 106 T.C. 343, 347 (1996).
The concept of summary judgment is specifically recognized by
this Court and is deeply ingrained in our procedural rules.
See Rule 121(a) (“Either party may move, with or without
supporting affidavits, for a summary adjudication in the moving
party’s favor upon all or any part of the legal issues in
controversy”). Summary judgment is appropriate where there is no
genuine issue as to any material fact and a decision may be
rendered as a matter of law. Rule 121(b); P & X Mkts., Inc. v.
Commissioner, supra at 443; Boyd Gaming Corp. v. Commissioner,
supra at 347. In deciding whether to grant summary judgment, we
must consider the factual materials and inferences drawn from
them in the light most favorable to the nonmoving party. Boyd
Gaming Corp. v. Commissioner, supra at 347. In responding to a
motion for summary judgment, the nonmoving party must do more
than merely allege or deny facts. It must “set forth [in its
response] specific facts showing that there is a genuine issue
for trial. If the nonmoving party does not so respond, then a
decision, if appropriate, may be entered against such party.”
Rule 121(d); accord Celotex Corp. v. Catrett, 477 U.S. 317, 324
(1986); Sundstrand Corp. v. Commissioner, 98 T.C. 518, 520
(1992), affd. 17 F.3d 965 (7th Cir. 1994). Summary judgment also
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