Ronald A. and Carol J. Lehrer - Page 5

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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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