Donna M. Bokman - Page 6

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          for the taxable year of the sale.  Sec. 453(d)(2).  One method by           
          which a taxpayer makes the election is to report the full amount            
          realized on the sale on his income tax return filed for the                 
          taxable year of the sale.  Sec. 15A.453-1(d)(3)(i), Temporary               
          Income Tax Regs., 46 Fed. Reg. 10718 (Feb. 4, 1981).  Once made,            
          an election cannot be revoked without the consent of the                    
          Secretary.  Sec. 453(d)(3).                                                 
               Petitioner concedes that she reported the full amount                  
          realized from the sale of her residence on her 1995 tax return.             
          She argues, however, that this was not a valid election out of              
          the installment method because her return was not timely filed,             
          thereby causing the election to be invalid under section                    
               Generally, a tax return is filed on the date it is received            
          by the Internal Revenue Service (IRS).  However, if a tax return            
          meets the requirements of section 7502, the return will be deemed           
          to have been filed on the date it was postmarked, even if it is             
          received by the IRS after its due date.  The following                      
          requirements apply to documents which are mailed in envelopes               
          with private post meter postmarks:                                          
                    If the postmark on the envelope * * * is made                     
               other than by the United States Post Office, (1) the                   
               postmark so made must bear a date on or before the last                
               date * * * prescribed for filing the document, and (2)                 
               the document must be received * * * not later than the                 
               time when a document contained in an envelope * * *                    
               which is properly addressed and mailed and sent by the                 
               same class of mail would ordinarily be received if it                  

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