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Section 6512(b)(3), in effect, allows a credit or refund of
an overpayment if the Tax Court finds, among other things, that
the overpayment was made within the period specified in section
6511(c). The latter period comes into play where the time for
making an assessment has been extended by reason of a written
agreement between the Secretary and the taxpayer under section
6501(c)(4).
In Crawford v. Commissioner, 97 T.C. 302, 307 (1991), we
stated that the effect of a section 183(e)(1) election is to
modify the normal period of limitations found in section 6501(a)
by extending it as provided for in section 183(e)(4). The
question with which we are confronted here is whether a section
183(e)(1) election also impacts the extension by agreement
provisions of section 6501(c)(4), which, as previously noted,
requires the mutual consent in writing of the Secretary and the
taxpayer.
Our analysis leads us to conclude that Congress intended
that a section 183(e)(1) election (election or section 183
election) supersedes the requirements of section 6501(c)(4) in
the limited area within which the election is operative. The
legislative history of section 183(e)(4) makes this clear.
The Tax Reform Act of 1976 (TRA 1976), Pub. L. 94-455, sec.
214(a), 90 Stat. 1549, added section 183(e)(4) to the Code. The
report of the Senate Committee on Finance notes that temporary
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