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no genuine issue as to any material fact relevant to the issues
involved. Elec. Arts, Inc. v. Commissioner, 118 T.C. 226, 238
(2002). The moving party has the burden of proving that no
genuine issue of material fact exists and that party is entitled
to judgment as a matter of law. FPL Group, Inc. & Subs. v.
Commissioner, 116 T.C. 73, 74-75 (2001). In all cases, the
evidence must be viewed in the light most favorable to the
nonmoving party. Bond v. Commissioner, 100 T.C. 32, 36 (1993).
A partial summary adjudication may be made even though all the
issues are not disposed of. Rule 121(b); Turner Broad. Sys.,
Inc. & Subs. v. Commissioner, 111 T.C. 315, 323-324 (1998).
B. Charitable Contributions of Appreciated Property
This case involves a charitable gift of appreciated
property; namely, warrants to purchase stock at a set price.4 It
is well established that “A gift of appreciated property does not
result in income to the donor so long as he gives the property
away absolutely and parts with title thereto before the property
4Charitable contributions of appreciated property typically
give rise to a deduction equal to its fair market value; however,
the deduction for capital gain property is generally limited to
30 percent of the taxpayer’s adjusted gross income. Sec.
170(a)(1), (b)(1)(C)(i), (F); sec. 1.170A-1(c)(1), Income Tax
Regs. On their Form 1040, U.S. Individual Income Tax Return, for
1993, petitioners claimed a charitable deduction of $5,304,530 in
accordance with a valuation report they submitted with their
return. Respondent raises as an amendment to his answer an issue
regarding the correct amount of the charitable deduction that
petitioners claimed for 1993. Petitioners concede that issue
cannot be decided on a summary judgment motion.
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