Estate of James T. Callaway, Deceased, Elizabeth N. Callaway, Executrix, and Elizabeth N. Callaway - Page 22

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               regarding the proceeding within 45 days after the date                 
               on which that notice was mailed.                                       
          Under the circumstances, we are not persuaded that Mrs.                     
          Callaway's earlier letter to respondent dated December 23, 1991,            
          wherein Mrs. Callaway requested that her partnership items be               
          treated as nonpartnership items, constitutes a qualifying                   
          election within the meaning of section 6223(e)(3)(B).                       
          Finally, we are satisfied that Mrs. Callaway's letter dated                 
          December 23, 1991, in which Mrs. Callaway unilaterally attempted            
          to terminate any extension of the period of limitations                     
          concerning the partnership for the years in issue, was                      
          ineffective to overcome the TMP's broad grant of authority under            
          section 6229(b)(1)(B) to execute agreements to extend the period            
          of limitations.  Because Mrs. Callaway does not assert that the             
          notices of deficiency for affected items were issued beyond 1               
          year from the date that the U.S. Court of Federal Claims'                   
          decision in the partnership level proceedings became final, see             
          sec. 6229(d), we deem the point conceded.                                   
               In sum, we conclude that Mrs. Callaway's partnership items             
          did not convert to nonpartnership items, and the notices of                 
          deficiency for affected items are valid insofar as they were                
          issued to Mrs. Callaway.  Petitioners have failed to prove that             
          the period of limitations expired prior to the issuance of the              
          notices of deficiency for affected items to Mrs. Callaway.                  

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