Estate of James T. Callaway, Deceased, Elizabeth N. Callaway, Executrix, and Elizabeth N. Callaway - Page 21

                                       - 21 -                                         

          copies of the FPAA's respecting Mountain View's taxable years               
          1986, 1987, and 1988.                                                       
               Relying on Mrs. Callaway's December 23, 1991, letter and               
          respondent's failure to prove that NBAP's were mailed to                    
          petitioners with respect to Mountain View's 1986 and 1987 taxable           
          years, petitioners contend that their partnership items converted           
          to nonpartnership items either at the time that respondent should           
          have mailed the NBAP's to petitioners or upon delivery of Mrs.              
          Callaway's December 23, 1991, letter requesting that her                    
          partnership items be treated as nonpartnership items.                       
          Even assuming that respondent failed to mail the NBAP's, the                
          record is clear that respondent mailed FPAA's to petitioners                
          respecting Mountain View's 1986, 1987, and 1988 taxable years on            
          October 5, 1992--prior to the date that a partner other than the            
          TMP filed a petition for readjustment of Mountain View                      
          partnership items with the U.S. Court of Federal Claims.  Under             
          the circumstances, Mrs. Callaway's remedy, upon receipt of the              
          FPAA's, was to make an election under section 6223(e)(3)(B) to              
          have her Mountain View partnership items treated as                         
          nonpartnership items.  Cf. Wind Energy Associates III v.                    
          Commissioner, 94 T.C. 787, 791-792 (1990).  In this regard,                 
          section 301.6223(e)-2T(c)(2), Temporary Proced. & Admin. Regs.,             
          52 Fed. Reg. 6785 (Mar. 5, 1987), provides:                                 
               The election shall be made by filing a statement with                  
               the Internal Revenue Service office mailing the notice                 

Page:  Previous  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  Next

Last modified: May 25, 2011