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Sunrise would allow petitioner to determine its Federal income
taxes on a consolidated basis with Sunrise. The Bankruptcy
Court’s opinion does not state that substantive consolidation
would permit petitioner to report its income taxes on a
consolidated basis with Sunrise. The Bankruptcy Court limited
substantive consolidation to the combining of assets and the
cancellation of debts between the consolidated debtors. In re
Ltd. Gaming of America, 228 Bankr. 275, 286 (Bankr., N.D. Okla.
1998).
We hold that respondent is not collaterally estopped from
determining petitioner’s Federal income taxes as a separate
taxable entity.
Accordingly, for the reasons stated above, the Court will
deny petitioner’s Motion for Partial Summary Judgment.
An appropriate order
will be issued.
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Last modified: May 25, 2011