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and the calendar year 1996, attempting to use NOLs initially
reported on his 1997 return. During October 2001, petitioner
filed amended returns containing increased claims for NOLs of $59
million.
In his petition in this case, petitioner alleged that he is
entitled to $136 million in NOLs and $440 million in capital
losses from years before and after the commencement of the
bankruptcy proceeding.
Discussion
I. Summary Judgment
Petitioner moved for summary judgment with respect to the
availability of certain NOLs from the Benton estate to be applied
in computing his 1995, 1996, and 1997 tax liabilities. Summary
judgment is intended to expedite litigation and avoid unnecessary
trials. Fla. Peach Corp. v. Commissioner, 90 T.C. 678, 681
(1988). A motion for summary judgment may be granted if there is
no genuine issue as to any material fact and a decision may be
rendered as a matter of law. See Rule 121(b); Elec. Arts, Inc.
v. Commissioner, 118 T.C. 226, 238 (2002). The moving party
bears the burden of showing 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. Bond v.
Commissioner, 100 T.C. 32, 36 (1993); Dahlstrom v. Commissioner,
85 T.C. 812, 821 (1985). A partial summary adjudication is
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