Robert K. & Dawn E. Lowry - Page 2

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               Petitioner Robert K. Lowry (petitioner) was a partner in a             
          partnership that realized taxable income from cancellation of               
          indebtedness.1  The issue for decision is whether the event                 
          causing the recognition of such income; i.e., the partnership's             
          surrender of real property, occurred in 1993 or 1994.                       
          Petitioners resided in Santa Ana, California, at the time they              
          filed their petition.                                                       
               Summary judgment is intended to expedite litigation and                
          avoid unnecessary and expensive trials.  FPL Group, Inc. v.                 
          Commissioner, 116 T.C. 73 (2001); Shiosaki v. Commissioner, 61              
          T.C. 861, 862 (1974).  Summary judgment may be granted with                 
          respect to all or any part of the legal issues in controversy if            
          the pleadings and other materials show that there is no genuine             
          issue as to any material fact and that a decision may be rendered           
          as a matter of law.  Rule 121(b); Sundstrand Corp. v.                       
          Commissioner, 98 T.C. 518, 520 (1992), affd. 17 F.3d 965 (7th               
          Cir. 1994); Zaentz v. Commissioner, 90 T.C. 753, 754 (1988);                
          Naftel v. Commissioner, 85 T.C. 527, 529 (1985).  Both parties              
          assert that the issue before us is ripe for summary adjudication            
          and that there is no genuine issue as to any material fact.                 

               1  Although petitioners Robert K. and Dawn E. Lowry filed              
          joint tax returns for the years in issue, and respondent issued a           
          joint notice of deficiency, the adjustment that is the subject of           
          the pending motions relates solely to petitioner Robert K.                  
          Lowry's investment in a partnership.                                        

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