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Year Deficiency
1987 $26,200,358
1988 13,827,654
1989 6,225,404
1990 23,466,338
Petitioner claims overpayments of $57,775,538 for 1987,
$28,434,990 for 1988, $32,577,346 for 1989, and $19,504,333 for
1990.
Petitioner claims entitlement to amortize (all or a portion
of) its asserted tax basis in certain alleged intangibles held on
January 1, 1985.1 Petitioner’s asserted tax basis in each of
these alleged intangibles represents petitioner’s determination
of the respective fair market values of those intangibles as of
January 1, 1985. Petitioner and respondent filed cross-motions
for partial summary judgment under Rule 1212 regarding the
appropriate basis for amortizing intangible assets that
petitioner claims to have held on January 1, 1985, the date it
first became subject to Federal income taxation.
1Respondent disputes whether the claimed intangibles are
assets that are amortizable for tax purposes. One of the claimed
intangibles involves certain below-market financing which
petitioner claims to have held on Jan. 1, 1985. In their cross-
motions for partial summary judgment, the parties also ask us to
determine whether the claimed intangible for below-market
financing is amortizable. We do not decide that issue in this
Opinion.
2All Rule references are to the Tax Court Rules of Practice
and Procedure, and all section references are to the Internal
Revenue Code in effect for the taxable years in issue.
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Last modified: May 25, 2011