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754 (1988); Naftel v. Commissioner, 85 T.C. 527, 529 (1985). The
moving party bears the burden of proving that there is no genuine
issue of material fact, and factual inferences will be read in a
manner most favorable to the party opposing summary judgment.
Dahlstrom v. Commissioner, 85 T.C. 812, 821 (1985); Jacklin v.
Commissioner, 79 T.C. 340, 344 (1982).
In these cases, we believe that there are genuine issues as
to material facts that preclude decisions as a matter of law with
regard to the imposition of judicial estoppel. As explained in
detail below, we shall deny petitioners’ motions for partial
summary judgment.
Background
Petitioner Timothy Dean Strong (Strong), docket No. 821-01,
is the sole owner of petitioner Strong Construction Company,
Inc.(SCC), docket No. 2048-01. Operating through SCC, Strong
constructed houses for resale. In 1990, Strong had become
involved in an unprofitable business venture which resulted in
numerous creditors’ attempting to collect debts from him. Strong
filed for relief from these creditors under chapter 7 of the
Bankruptcy Code on May 9, 1990. On Schedule B-2 of his
bankruptcy petition, Strong listed “zero” as the amount of cash
on hand. SCC was not a party to the bankruptcy proceeding, and
Strong did not list his ownership interest in SCC in his schedule
of assets. Strong received a discharge in bankruptcy on August
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