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Held, further, the estate is liable for the
addition to tax for the failure to file a timely estate
tax return.
Carl Wells, for petitioner.
Carol A. Szczepanik, for respondent.
OPINION
PARR, Judge: Respondent determined a deficiency of $421,214
in the estate's Federal estate tax and an addition to tax of
$58,450 for the failure to file the estate tax return timely.
After concessions,1 the issues for decision are: (1)
Whether, despite the executor's failure to make the alternate
valuation election pursuant to section 2032 within 1 year after
the time prescribed by law (including extensions) for filing the
Federal estate tax return, the value of the gross estate may be
determined by valuing all the property included in the gross
estate as of the alternate valuation date.2 We hold it may not.
1Petitioner conceded that the adjusted taxable gifts
reported on the estate's Form 706, United States Estate (and
Generation-Skipping Transfer) Tax Return, should be increased by
$56,100; that the taxable estate should be increased by $3,556
for a Federal income tax refund; and that the attorney's fees and
executor's commissions claimed as a deduction on the return
should be reduced from $200,089 to $146,281.
2Unless otherwise indicated, all section references are to
the Internal Revenue Code in effect for the date of decedent's
death, and all Rule references are to the Tax Court Rules of
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