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TURNER BROAD. SYS., INC. & SUBS. v. COMMISSIONER

Docket Nos. 13977-96, 14786-96.

111 T.C. 315 (1998)

TURNER BROADCASTING SYSTEM, INC. AND SUBSIDIARIES, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT TRACINDA CORPORATION, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed December 23, 1998.

Attorney(s) appearing for the Case

William F. Nelson and Suzanne Celeste Feese, for petitioner in docket No. 13977-96.

Richard E. Timbie and Trevor Washington Swett III, for petitioner in docket No. 14786-96.

Robert J. Shilliday, Jr., for respondent.

OPINION

RUWE, Judge:

Respondent determined a deficiency in Tracinda Corp.'s (Tracinda) Federal income tax for the taxable year ending January 31, 1991, in the amount of $54,763,119 and an accuracy-related penalty under section 6662(d)1 in the amount of $10,952,616. Respondent determined deficiencies in Turner Broadcasting System, Inc.'s (TBS) Federal income tax for the taxable year ending December 31, 1991, in the amount...

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