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A. Jerry Busby, for petitioners.
John W. Duncan, for respondent.
OPINION
NIMS, Judge: Petitioners have made overpayments of their
1991 and 1992 Federal income taxes in the following amounts:
Year Overpayment
1991 $322
1992 322
Unless otherwise indicated, all section references are to
sections of the Internal Revenue Code in effect for the years in
issue, and all Rule references are to the Tax Court Rules of
Practice and Procedure.
After concessions by both parties, the issue for decision is
whether Form 5213, Election To Postpone Determination as To
Whether the Presumption Applies That an Activity Is Engaged In
for Profit, extends the period of limitations for the
determination and allowance of overpayments. This case was
submitted on the basis of a stipulation of facts.
Petitioners Robert and Connie Wadlow resided in Phoenix,
Arizona, at the time they filed their petition. Beginning in
1989, petitioners undertook a horse boarding and training
activity (activity), for which they reported income and expenses
on Schedules C attached to their income tax returns for 1990,
1991, 1992, 1993, and 1994. Petitioners attached validly
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