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donees might conceivably have been forced to surrender their
stock warrants by merger, liquidation, or dissolution, absent
some plan or other corporate action to that effect.
Petitioners submitted affidavits in support of their
position regarding a material issue of fact. Respondent makes
unsupported and nonspecific allegations in response to the
statements in the affidavits. Respondent points to nothing in
the record nor does he allege facts which raise a genuine issue
of material fact regarding whether the donees were legally bound,
or could be compelled, to sell the stock warrants at the time of
the assignments by petitioners. Respondent has had ample time
for investigation and does not request additional time for
discovery. This matter is now ripe for decision, and we hold
that petitioners are entitled to judgment as a matter of law on
the anticipatory assignment of income issue.
5. Conclusion
Rev. Rul. 78-197, 1978-1 C.B. 83, is contrary to
respondent’s litigation position in this case. Instead of
accepting the legal principles articulated in that ruling,
respondent’s counsel contends that the Commissioner is not bound
by revenue rulings, and his reliance on Blake v. Commissioner,
697 F.2d at 480-481, demonstrates that he is taking the position
in this case that the ruling is incorrect.
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