John J. Petito - Page 9




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          Petito corporation made a timely election.  Petitioner testified            
          that he prepared and filed a timely 1986 tax return and election            
          on behalf of Petito corporation.  Certainly, petitioner is                  
          entitled to have the Court consider evidence of a retained copy             
          of the return and election purportedly filed.  We conclude that             
          the document is relevant.  The remainder of respondent’s                    
          objection--that the exhibit is neither an original nor an exact             
          duplicate--is nonsensical.  Petitioner claims to have filed the             
          return and election with respondent.  It would be entirely                  
          consistent with this testimony that petitioner would not have the           
          original return or election in his possession.  Furthermore,                
          petitioner testified that he photocopied the return and election            
          prior to signing the documents.  Thus, respondent’s suggestion              
          that the exhibit is not an exact duplicate has no foundation.               
          See Fed. R. Evid. 1001(3) and (4), 1003, and 1004(3).   Exhibit             
          1-P is relevant and admissible, and respondent’s objection is               
          overruled.                                                                  
               3. Whether Petito Corporation Made a Valid Election                    
               Based on this record, we are not satisfied that Petito                 
          corporation made a valid election to have the unified S                     
          corporation audit and litigation procedures apply to it pursuant            
          to section 301.6241-1T(c)(2)(v), Temporary Proced. & Admin.                 
          Regs., supra.  The purported copy of Petito corporation’s 1986              








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