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genuine issue of material fact as to whether the signatures were
authorized by petitioner and Mary Ann Johnson. Accordingly,
petitioner is not entitled to a summary ruling, based on invalid
signatures, that JPS failed to make a valid S corporation
election.
Petitioner next argues that the Form 2553 was untimely filed
and that, as a result, JPS was not a valid S corporation during
the years in issue. To decide whether an S corporation election
was timely, we look to the law in effect at the time the election
was purportedly made. See Smith v. Commissioner, T.C. Memo.
1988-18. The parties agree that under the Code and regulations
in effect in 1976, the Form 2553 had to be filed on or before
November 24, 1976, the day before Thanksgiving, in order to be
timely.5 Under the Code and regulations in effect in 1976, a new
corporation, in order to elect S corporation status from its
inception, had to make the election during the first month of the
corporation's taxable year.6 The first month of JPS's taxable
5 Petitioner cursorily raises the argument that JPS began
doing business as early as Oct. 4, 1976, and that the first month
of JPS's first taxable year therefore ended Nov. 3, 1976, but
provides no authority for this contention. However, elsewhere in
his brief, petitioner concedes that the last day for filing the
Form 2553 was Nov. 24, 1976. See infra note 7.
6 Sec. 1372(c), as in effect for 1976, provides as follows:
An election under subsection (a) may be made by a small
business corporation for any taxable year at any time
during the first month of such taxable year, or at any
(continued...)
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