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return position that is merely arguable or that
is merely a colorable claim.
Furthermore, regulations promulgated under section
6662, section 1.6662-4(f), Income Tax Regs., provide the
following methods for making adequate disclosure:
(f) Method of making adequate disclosure--
(1) Disclosure statement. Disclosure is
adequate with respect to an item (or group of
similar items, such as amounts paid or incurred
for supplies by a taxpayer engaged in business)
or a position on a return if the disclosure is
made on a properly completed form attached to
the return or to a qualified amended return (as
defined in � 1.6664-2(c)(3)) for the taxable
year. In the case of an item or position other
than one that is contrary to a regulation,
disclosure must be made on Form 8275 (Disclosure
Statement); in the case of a position contrary
to a regulation, disclosure must be made on
Form 8275-R (Regulation Disclosure Statement).
(2) Disclosure on return. The Commis-
sioner may by annual revenue procedure (or
otherwise) prescribe the circumstances under
which disclosure of information on a return
(or qualified amended return) in accordance
with applicable forms and instructions is
adequate. If the revenue procedure does not
include an item, disclosure is adequate with
respect to that item only if made on a
properly completed Form 8275 or 8275-R, as
appropriate, attached to the return for the
year or to a qualified amended return.
During the years in issue, the annual revenue procedures
issued pursuant to the above regulation did not include
liability for personal holding company tax as an item with
respect to which disclosure could be made on a taxpayer's
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