- 17 - of preclusion. Montana v. United States, supra at 162; Meier v. Commissioner, supra at 291-292. Petitioner acknowledges that the satisfaction of these six conditions would lead to the application of collateral estoppel. Petitioner focuses solely on the first and fourth elements, arguing that these two elements have not been met. Petitioner argues that: (1) The factual and legal issues here are different than those issues in its case against Goldman, and (2) the issue of whether it suffered a theft loss on account of Boesky’s insider trading was not actually litigated in the prior case because, it contends, that issue was not necessary to a holding there. We address these two elements seriatim and then turn to the sixth element concerning our discretion to find an exception for special circumstances. 1. Similarity of Issues Petitioner argues that the factual and legal issues here are fundamentally different from those in its prior case. Petitioner asserts that the cases are different factually in that the prior case decided only its limited claims against Goldman, whereas the current case centers on the actions of Boesky in the context of a Federal income tax deduction. Moreover, petitioner asserts, the cases are factually different in that the prior case did not concern the current issue of whether the value of old FMC stock was artificially inflated by Boesky’s illegal actions. As to thePage: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Next
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