- 5 -
shareholder, the shareholder's name, address, and Social Security
number, the number of shares held and the dates acquired, and the
Internal Revenue Service (IRS) office where the shareholder's
individual return would be filed.
This letter accurately stated most of the information
missing when the Form 2553 was first received by the Fresno
Service Center, but also missing was JPS's employer
identification number and the beginning date of the taxable year
for which the election was to be effective.
The Form 2553 was returned to the Fresno Service Center and
stamped "Received" a second time on January 12, 1977. This time
the Form 2553 contained all of the previously missing
information.
OPINION
For both petitioner's motion and respondent's cross-motion,
the normal standards of summary judgment apply. Thus, for each
motion: We will grant summary judgment only if there is no
genuine issue as to any material fact and a decision may be
rendered as a matter of law; the moving party has the burden to
show there is no issue of fact; and we view the facts in the
light most favorable to the party opposing the motion. Rule
121(b); Pert v. Commissioner, 105 T.C. 370, 372 (1995).
Petitioner's motion raises the question of whether the
election on the Form 2553 (S corporation election) was invalid as
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011