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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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Last modified: May 25, 2011