Federal Home Loan Mortgage Corporation - Page 6

                                        - 6 -                                         
          at 74.  A decision will be rendered on a motion for partial                 
          summary judgment if the pleadings, answers to interrogatories,              
          depositions, admissions, and other acceptable materials, together           
          with the affidavits, if any, show that there is no genuine issue            
          as to any material fact and that a decision may be rendered as a            
          matter of law.  Rule 121(b); 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 the              
          moving party is entitled to judgment as a matter of law.                    
          Rauenhorst v. Commissioner, 119 T.C. 157, 162 (2002).                       
               Petitioner claims that under section 177(a) it is entitled             
          to deductions in 1985, 1986, and 1987 for part of the trademark             
          and trade name expenditures that it incurred during 1983 and 1984           
          when it was exempt from income tax.  Section 177(a)4 in effect              
          for the taxable years at issue provided:                                    
                    SEC. 177(a).  Election to Amortize.--Any trademark                
               or trade name expenditure paid or incurred during a                    
               taxable year beginning after December 31, 1955, may, at                
               the election of the taxpayer (made in accordance with                  
               regulations prescribed by the Secretary), be treated as                
               a deferred expense.  In computing taxable income, all                  
               expenditures paid or incurred during the taxable year                  
               which are so treated shall be allowed as a deduction                   
               ratably over such period of not less than 60 months                    
               (beginning with the first month in such taxable year)                  
               as may be selected by the taxpayer in making such                      
               election.  The expenditures so treated are expenditures                
               properly chargeable to capital account for purposes of                 

               4Sec. 177(a) was repealed by the Tax Reform Act of 1986,               
          Pub. L. 99-514, sec. 241(a), 100 Stat. 2181, effective for                  
          expenditures paid or incurred after Dec. 31, 1986.                          





Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  Next

Last modified: May 25, 2011