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accompanying form or statement, indicates that it was electing
the income forecast method of depreciation. Knight-Ridder
Newspapers, Inc. v. United States, 743 F.2d 781, 793-99 (11th
Cir. 1984). Thus, Guaranteed did not substantially comply with
the requirements of Revenue Procedure 87-57, supra, or section
5h.5, Temporary Tax Reform Act of 1986 Election Regs., supra, nor
did it substantially comply with section 1.168-5(e)(3), Proposed
Income Tax Regs., supra, or even with the instructions that came
with Form 4562. Consequently, we hold that Guaranteed failed to
make a proper election of the income forecast method for its
taxable year ending December 31, 1987.
B. ABC
1. Tax Year Ending May 31, 1987
ABC did not meet the requirements for the tax year ending
May 31, 1987. ABC did not attach a separate statement to its
return for its taxable year ending May 31, 1987. Petitioners'
argument that the Service did not even publish Revenue Procedure
87-57, supra, until October 19, 1987, which was subsequent to the
filing date of ABC's tax return for the tax year ending May 31,
1987, is without merit. Section 5h.5, Temporary Tax Reform Act
of 1986 Election Regs., supra, was effective February 5, 1987,
and set forth the time and manner guidelines for elections made
after October 22, 1986. Moreover, section 5h.5, Temporary Tax
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