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warrant. The Forms 8282 filed by the University of St. Thomas,
Marquette University, and the Mayo Foundation report a sale of
their warrants on December 22, 1993. The Form 8282 filed by the
Archdiocese reports a sale of its warrant on November 19, 1993.
Petitioners did not report any gain from the sale of the
warrants by the donees on their Federal income tax return for
1993. On November 18, 1999, respondent issued a notice of
deficiency in which he determined that “the donation of N.M.G.,
Inc. stock, was an anticipatory assignment of income, resulting
in an increase in capital gains of $4,722,484 in 1993.”
Discussion3
A. Motion for Partial Summary Judgment
This matter arises in the context of petitioners’ motion for
partial summary judgment. Summary judgment is designed to
expedite litigation and to avoid unnecessary and expensive
trials. Shiosaki v. Commissioner, 61 T.C. 861, 862 (1974). We
shall grant a motion for partial summary judgment where there is
3The parties agree that this case is appealable to the Court
of Appeals for the Eleventh Circuit. Binding precedent in the
Eleventh Circuit includes decisions of the Court of Appeals for
the Fifth Circuit filed before Oct. 1, 1981. Shepherd v.
Commissioner, 283 F.3d 1258, 1262 n.6 (11th Cir. 2002), affg. 115
T.C. 376 (2000); Bonner v. City of Prichard, Ala., 661 F.2d 1206,
1207 (11th Cir. 1981). We follow a decision of the Court of
Appeals to which an appeal from our disposition of a case lies so
long as that decision is squarely in point and a failure to
follow that decision would result in an inevitable reversal.
Lardas v. Commissioner, 99 T.C. 490, 494-495 (1992); Golsen v.
Commissioner, 54 T.C. 742, 757 (1970), affd. 445 F.2d 985 (10th
Cir. 1971).
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