- 10 - Respondent argues alternatively that the voting trust was both a grantor trust under subpart E and a U.S. shareholder under subpart F. Respondent asserts that Textron is the voting trust’s grantor and, in accordance with subpart E, must include in its income any Avdel subpart F income realized by the trust. Petitioner replies that subpart E was not intended to be applied in the manner suggested by respondent. A. Summary Judgment Summary judgment is intended to expedite litigation and avoid unnecessary and expensive trials of phantom factual issues. P & X Mkts., Inc. v. Commissioner, 106 T.C. 441, 443 (1996), affd. without published opinion 139 F.3d 907 (9th Cir. 1998). 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. In deciding whether to grant summary judgment, the Court must consider the factual materials and inferences drawn from them in the light most favorable to the nonmoving party. Bond v. Commissioner, 100 T.C. 32, 36 (1993); Naftel v. Commissioner, 85 T.C. 527, 529 (1985). The parties agree that for the purpose of deciding these cross-motions there are no genuine issues of material fact and that the Court may decide the issue as a matter of law. ThisPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011