- 4 - The Motion By the motion, petitioner seeks summary adjudication in its favor on three issues: (1) Whether Investments properly reported its built-in gain tax liability on its 1999 Federal income tax return; (2) the delinquency addition, and (3) the accuracy- related penalty. Petitioner claims that the undisputed evidence in the case shows that Investments’s calculation of the 1999 built-in gain tax liability was supported by prior returns, audited financial statements, and a 1995 calculation of net unrealized built-in gain utilizing a contemporaneous valuation of the assets subject to built-in gain tax, “which was performed by an independent, well-respected appraiser.” Petitioner argues: Because * * * [Investments] has properly calculated its built-in gain tax liability and because Respondent does not possess any evidence to the contrary, Petitioner is entitled to judgment as a matter of law on the issue of Petitioner’s proper built-in gain tax liability and on the accuracy-related penalty and “delinquency penalty” imposed by Respondent in regard to the built-in gain tax liability. Petitioner supports his argument with a “Statement of Undisputed Material Facts” containing 26 numbered statements of facts that petitioner claims are undisputed and established by the petition, answer, and various documents and affidavits. Accompanying the motion are Exhibits A through O.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
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