- 9 -
appropriate if one or more but not all issues in the case are
susceptible of summary disposition. See Rule 121(b); Turner
Broad. Sys., Inc. & Subs. v. Commissioner, 111 T.C. 315, 323-324
(1998). Some aspects of the NOL issues are ripe for disposition
by means of partial summary judgment. However, genuine issues of
material fact exist with respect to other aspects of the NOL
issues.
II. The Controversy--Generally
In Benton v. Commissioner, 122 T.C. at 365, 370-377, we held
that: (1) The termination of petitioner’s chapter 11 bankruptcy
proceeding, for purposes of section 1398, occurred on August 31,
1997, upon confirmation of the plan and discharge of the debtor;
and (2) generally, petitioner may use NOLs from the Benton estate
with respect to his separate tax years beginning with the year
his bankruptcy proceeding commenced, to the extent allowed under
section 172 and the regulations. Benton I did not decide certain
factual details pertaining to the amounts or sources of the
losses or to the mechanics of the application of the losses under
section 172. Accordingly, Benton I did not fully resolve the
parties’ disputes concerning the existence and amounts of any
NOLs from the Benton estate to which petitioner may have
succeeded and which he may have had available for use in his
1995, 1996, and 1997 tax years. See Schaefer v. Commissioner,
T.C. Memo. 1998-163, affd. without published opinion 188 F.3d 514
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011