- 7 - notice, and the filing of the petition disputing the 1994 tax year. Petitioner argues that it did make a proper election out of MACRS pursuant to section 168(f)(1)(A). Petitioner concedes that it did not comply “exactly” with the requirements of the Code to make the election; however, petitioner contends that it substantially complied with those provisions. Petitioner argues that the Court has allowed elections to be valid in such situations, citing ABC Rentals of San Antonio, Inc. v. Commissioner, T.C. Memo. 1999-14, Taylor v. Commissioner, 67 T.C. 1071 (1977), and Tipps v. Commissioner, 74 T.C. 458 (1980). The temporary regulations provide the time and manner of making elections pursuant to section 168(f)(1). See sec. 301.9100-7T(a)(1), Temporary Proced. & Admin. Regs., 52 Fed. Reg. 3624 (Feb.5, 1987). The election must be made by the later of the due date of the tax return for the first taxable year for which the election is to be effective or April 15, 1987. Sec. 301.9100-7T(a)(2), Temporary Proced. & Admin. Regs., 52 Fed. Reg. 3626 (Feb. 5, 1987). In addition, the temporary regulation provides instructions on how to make the election: An election is made by “attaching a statement to the tax return for the taxable year for which the election is to be effective”. Sec. 301.9100-7T(a)(3)(i), Temporary Proced. & Admin. Regs., 52 Fed. Reg. 3627 (Feb. 5, 1987). The regulation further provides thatPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
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