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We find no ambiguity in the respective above-quoted provi-
sions of the Prudential policy and the USAA policy as to whether
petitioner was able to withdraw during 2003 the respective
amounts of interest at issue without surrendering those policies.
We find those respective provisions to be clear: they allowed
petitioner to make such withdrawals of such interest without
surrendering those policies. We conclude that there is no
genuine issue of material fact as to whether petitioner was able
to withdraw during 2003 the 2003 interest on petitioner’s Pruden-
tial policy dividend accumulations and the 2003 interest on
petitioner’s USAA policy dividend accumulations without surren-
dering the policies in question.
In contrast, we find an ambiguity in the respective above-
quoted provisions of the Prudential policy and the USAA policy as
to whether petitioner was required to withdraw during 2003 all of
the respective dividend accumulations under those policies in
order to have withdrawn during that year the interest at issue.
Thus, we agree with respondent that there is a genuine issue of
fact with respect to that question. However, we disagree with
respondent that resolution of that genuine issue of fact is
material to our determination of whether the 2003 interest on
petitioner’s Prudential policy dividend accumulations and the
2003 interest on petitioner’s USAA policy dividend accumulations
are includible in petitioner’s gross income for her taxable year
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Last modified: November 10, 2007