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Regs., supra; 1994 Instructions for Form 1040 and Schedules A, B,
C, D, E, F, and SE, at E-3. Thus, petitioner’s 1994 return did
not give respondent clear notice that he was electing to treat
all of his rental real estate activities as one activity under
section 469(c)(7).
3. Whether Petitioner’s Intention To Elect Under Section
469(c)(7) Establishes That He Did So
Petitioner contends that he intended to elect under section
469(c)(7), and that we should take his intent into account in
deciding whether he did so. We disagree. See Young v.
Commissioner, 783 F.2d at 1206 (taxpayer’s intent is irrelevant
to making an election).
4. Whether the Lack of Guidance on How To Elect Under
Section 469(c)(7) Excuses Petitioner From Clearly
Notifying Respondent That He Wanted To Elect
Petitioner points out that, when he filed his 1994 return,
the Commissioner had issued no guidance (other than proposed
regulations) about how to elect under section 469(c)(7) and
contends that, as a result, his return satisfied the election
requirement. We disagree. The lack of guidance does not
eliminate the statutory requirement to elect. See Young v.
Commissioner, 783 F.2d at 1206 (the statute requires a binding
election with or without regulations). In any event,
petitioner’s argument would not excuse his failure to elect for
1995 because the regulations were adopted in final form well
before his 1995 return was due.
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