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accompanying the return for the taxable year, the statement
shall--
(A) Contain the name, address and taxpayer
identification number of the electing taxpayer,
(B) Identify the election,
(C) Indicate the section of the Code (or, if the
provision is not codified, the section of the Act)
under which the election is made,
(D) Specify, as applicable, the period for which
the election is being made and/or the property or other
items to which the election is to apply, and
(E) Provide any information required by the
relevant statutory provisions and any information
necessary to show that the taxpayer is entitled to make
the election.
A. Guaranteed
Guaranteed did not meet the requirements for the tax year
ending December 31, 1987. Guaranteed did attach a statement--
Statement 2--to its tax return for the taxable year ending
December 31, 1987. However, the statement did not comply with
the requirements of Revenue Procedure 87-57, supra, or section
5h.5, Temporary Tax Reform Act of 1986 Election Regs., supra.
The only item of information Statement 2 provided was that the
type of property being depreciated was "RENTAL UNITS". The
statement did not say that Guaranteed made an election of the
income forecast method or of any other method of depreciation.
Nor did it refer to section 168(f)(1) or to any other provision
of the Code.
Petitioners rely on section 1.168-5(e)(3), Proposed Income
Tax Regs., 49 Fed. Reg. 5968 (Feb. 16, 1984). However, we note
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