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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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