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SUMMITT v. COMMISSIONER

Docket No. 13893-07.

134 T.C. 248 (2010)

MARK D. AND JENNIFER L. SUMMITT, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Tax Court.

Filed May 20, 2010.

Attorney(s) appearing for the Case

John E. Rogers and Colin C. Laitner, for petitioners.

John Comeau and Jeffrey Dorfman, for respondent.

OPINION

HAINES, Judge:

This case is before the Court on respondent's motion for partial summary judgment pursuant to Rule 121.1 Respondent raises two issues for decision in his motion: (1) Whether under the marked-to-market rules of section 1256 J. Summitt, Inc. (Summitt), an S corporation, recognized loss upon its assignment to charity of a major foreign currency call option, and (2) whether Summitt was required to include...

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