Federal Home Loan Mortgage Corporation - Page 5

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          amortize, over a period of not less than 60 months, trademark and           
          trade name expenditures paid or incurred during a taxable year              
          beginning after December 31, 1955.  In order to amortize its                
          claimed trademark and trade name expenditures, petitioner was               
          required under section 177(c) and section 1.177-1(c), Income Tax            
          Regs., to attach a statement, signifying its election to                    
          amortize, to its return for the taxable year in which the                   
          expenses were incurred.  Petitioner attached a statement to its             
          return for the year 1985, which petitioner claims meets the                 
          requirements in the regulations.  Petitioner claims that on page            
          34, statement 17 of its original income tax return for the                  
          taxable year 1985, it elected to defer and amortize its trademark           
          and trade name expenditures over a period of 60 months, starting            
          on January 1, 1983, in the case of the “Freddie Mac” item, and on           
          January 1, 1984, in the case of the “Gnome” items.  Petitioner              
          deducted $49,688 in respect of trademark and trade name                     
          expenditures on its income tax returns for each of the taxable              
          years 1985 through 1987 and $43,070 in the taxable year 1988.               
                                     Discussion                                       
               Summary judgment is intended to expedite litigation and                
          avoid unnecessary and expensive trials.  FPL Group, Inc. v.                 
          Commissioner, 116 T.C. 73, 74 (2001).  Either party may move for            
          summary judgment upon all or any part of the legal issues in                
          controversy.  Rule 121(a); FPL Group, Inc. v. Commissioner, supra           






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