- 5 - issues are whether petitioners are liable for the section 6662(a) penalties imposed and the applicability of section 475(f). On January 19, 2005, respondent filed a motion for partial summary judgment. Respondent moves for partial summary adjudication in respondent’s favor upon the issue of whether petitioner Ronald A. Lehrer’s (Mr. Lehrer’s) gains or losses with respect to securities should be treated as ordinary gains or losses pursuant to section 475(f). Respondent attached to the motion petitioners’ tax returns for 1998, 1999, 2000, and 2001. On January 21, 2005, the Court ordered petitioners to file a written response to respondent’s motion on or before February 18, 2005. On February 15, 2005, the Court filed petitioners’ response objecting to respondent’s motion for partial summary judgment. Discussion Summary judgment is intended to expedite litigation and avoid unnecessary and expensive trials. Fla. Peach Corp. v. Commissioner, 90 T.C. 678, 681 (1988). Rule 121(a) provides that either party may move for summary judgment upon all or any part of the legal issues in controversy. The Court may grant full or partial summary judgment when there is no genuine issue of material fact and a decision may be rendered as a matter of law. Rule 121(b); Sundstrand Corp. v. Commissioner, 98 T.C. 518, 520 (1992), affd. 17 F.3d 965 (7th Cir. 1994); Zaentz v.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011