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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.
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Last modified: May 25, 2011