UNION CARBIDE CORP. v. COMMISSIONER
United States Tax Court
P, the related supplier of UCFSC, a wholly owned foreign sales corporation (FSC) within the meaning of sec. 922, I.R.C., filed a motion for partial summary judgment, arguing that P is entitled to redetermine its FSC commission expenses for its taxable years 1987, 1988, and 1989 pursuant to sec. 925(a), I.R.C., and regulations thereunder.
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P, the related supplier of UCFSC, a wholly owned foreign sales corporation (FSC) within the meaning of sec. 922, I.R.C., filed a motion for partial summary judgment, arguing that P is entitled to redetermine its FSC commission expenses for its taxable years 1987, 1988, and 1989 pursuant to sec. 925(a), I.R.C., and regulations thereunder. R objects to P's motion and filed a cross-motion for partial summary judgment, arguing that P failed to claim additional FSC commission expenses within the time prescribed by sec. 1.925(a)-1T(e)(4), Temporary Income Tax Regs., 52 Fed. Reg. 6448 (Mar. 3,…
1Opinion of the Court
OPINION
NlMS, Judge:
This matter is before the Court on petitioner’s motion and respondent’s cross-motion for partial summary judgment filed pursuant to Rule 121.
Unless otherwise indicated, all section references are to sections of the Internal Revenue Code in effect for the years at issue. All Rule references are to the Tax Court Rules of Practice and Procedure.
Respondent determined deficiencies in the Federal income taxes of petitioner for its taxable years ending December 31, 1987, 1988, and 1989, as follows:
Year Deficiency
1987 . $387,887
1988 . 24,156,481
1989 . 32,903,323
The issues for…
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