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under sections 6512(b)(3) and 6511(c) is missing. Based on the
explicit statutory language of sections 6512(b), 6511(c), and
6501(c)(4), we have no jurisdiction to determine overpayments and
order refunds in this case.
There is nothing in section 183(e)(4) that changes the
foregoing analysis. Section 183(e) allows a taxpayer to elect
unilaterally to postpone a determination of whether an activity
was engaged in for profit. Such an election allows additional
time for a taxpayer to qualify for a statutory presumption that
his activity was engaged in for profit. The presumption is
dependent upon facts that may occur during a period of 5 to 7
years and thus may not be ascertainable within section 6501(a)'s
normal 3-year period of limitations for making assessments. Of
course, if the taxpayer can elect to postpone a challenge to his
profit objective to a time that is beyond the normal period of
limitations for making assessments, one would expect Congress to
allow the Commissioner additional time to challenge the tax
aspects of the activity in question. Section 183(e)(4) therefore
provides:
(4) Time for assessing deficiency attributable to
activity.--If a taxpayer makes an election under
paragraph (1) with respect to an activity, the
statutory period for the assessment of any deficiency
attributable to such activity shall not expire before
the expiration of 2 years after the date prescribed by
law (determined without extensions) for filing the
return of tax under chapter 1 for the last taxable year
in the period of 5 taxable years (or 7 taxable years)
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