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In Young v. Commissioner, 83 T.C. 831, 840-841 (1984), affd.
783 F.2d 1201 (5th Cir. 1986), this Court concluded that the
taxpayer's "amended return is irrelevant" in determining
substantial compliance with the election requirements. In
rejecting the taxpayer's argument that section 7.0(d), Temporary
Income Tax Regs., 42 Fed. Reg. 1469 (Jan. 7, 1977), provides that
an election may be made in an amended return, the Court
explained:
This is true; however, in order to square the
regulation with the directive of the statute, an
election made in a subsequently filed return can only
be effective if the subsequently filed return is filed
before the due date of the return. [Young v.
Commissioner, supra at 841 n.9.]
We accept that petitioner made an honest mistake when filing
its original return for the tax year ending June 30, 1992.
Furthermore, we accept that it attempted to elect to relinquish
the carryback period on its amended return for the tax year
ending June 30, 1992. The due date, with extensions, of
petitioner's return for the tax year ending June 30, 1992,
however, was March 15, 1993. Petitioner did not file the amended
return with the election until March 25, 1994. Therefore,
petitioner did not make a timely election to waive the carryback
period on its amended return for the tax year ending June 30,
1992. See Young v. Commissioner, supra; Klyce v. Commissioner,
T.C. Memo. 1999-198; Menaged v. Commissioner, T.C. Memo. 1991-79.
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