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attempting to collect is that a portion of the deficiency for
1993 is attributable to respondent's determination to disallow
the $35,234,914 short-term capital loss claimed on petitioner's
income tax return for 1993, whereas respondent's collection
efforts are directed at amounts due as a consequence of
respondent's decision not to accept petitioner's amended return
for 1991, which amended return included a claimed carryback of a
large portion of the short-term capital loss claimed in 1993.
Notwithstanding this relationship, it is evident that respondent
has not assessed the amount of the deficiency disputed by
petitioner in its petition for 1993.
Petitioner relies upon section 6402(a) and (b) and section
6513(d), as well as section 301.6402-3(a)(5), Proced. & Admin.
Regs., to support its position that respondent's collection
efforts are improper. Section 6402(a) provides that the
Commissioner may credit an overpayment of tax against any
outstanding tax liability of the taxpayer and shall refund the
balance, if any, to the taxpayer. Section 6402(b) provides that
the Commissioner may prescribe regulations under which an
overpayment, determined by the taxpayer or the Commissioner, can
be credited against estimated income tax for the taxpayer's
succeeding taxable year. Section 301.6402-3(a)(5), Proced. &
Admin. Regs., provides that if the taxpayer elects to have all or
part of an overpayment applied as a credit against estimated
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