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the estate tax return. Petitioner, however, asserts that
respondent has discretionary authority under Rev. Proc. 92-85,
1992-2 C.B. 490,12 to allow the executor to make an untimely
election to use the alternate valuation date. We disagree.
Rev. Proc. 92-85, supra, applies, inter alia, "to extensions
of time when a statute provides that an election be made by the
due date of the taxpayer's return or the due date of the
taxpayer's return including extensions."13 However, the date of
expiration of the 1-year period of grace after the "time
prescribed by law (including extensions) for filing * * * [the
estate tax] return" is not the due date of the taxpayer's return
or the due date of the taxpayer's return including extensions.
12Rev. Proc. 92-85, 1992-2 C.B. 490, was amended by Rev.
Proc. 93-28, 1993-2 C.B. 344. These revenue procedures were made
obsolete by secs. 301.9100-1T through 301.9100-3T, Temporary
Proced. & Admin. Regs., 61 Fed. Reg. 33365 (June 27, 1996), which
adopted and revised the standards of granting relief stated in
Rev. Proc. 92-85, supra. See T.D. 8680, 61 Fed. Reg. 33365,
33366 (June 27, 1996) (Explanation of Provisions).
The temporary regulations were effective for all requests
for relief under consideration by the IRS on June 27, 1996, and
for all requests for relief submitted on or after June 27, 1996.
See sec. 301.9100-1T(h), Temporary Proced. & Admin. Regs., 61
Fed. Reg. 33368 (June 27, 1996). Secs. 301.9100-1 through
301.9100-3, Proced. & Admin. Regs. (the final regulations), apply
to all requests for an extension of time submitted to the IRS on
or after the effective date, Dec. 31, 1997. See sec. 301.9100-
1(e), Proced. & Admin. Regs. The final regulations adopted with
no significant change the provisions of the temporary regulations
(and Rev. Proc. 92-85, supra) relevant to the issue in the
instant case. See id.
13See also sec. 301.9100-1T(d), Temporary Proced. & Admin.
Regs., 61 Fed. Reg. 33367 (June 27, 1996) (same); sec. 301.9100-
1(a), Proced. & Admin. Regs. (same).
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