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Finally, neither the statute nor the regulations permit
petitioner to revoke (modify) his original election without the
Secretary’s consent. In that regard, petitioner does not argue
and has not shown that the Secretary’s regulations are
unreasonable or that they do not comport with congressional
intent. Section 1.179-5(b), Income Tax Regs., provides that the
Commissioner’s consent to revoke an election “will be granted
only in extraordinary circumstances.” Legally and factually,
petitioner accepts that his attempt to change the election is
untimely. We are cognizant of the fact that petitioner’s
circumstances are of his own making. His need to revoke (modify)
his section 179 election only arose after respondent uncovered
petitioner’s failure to report all of his income and his
misclassification of the very assets for which section 179
treatment is sought. Accordingly, we hold that respondent did
not abuse his discretion in refusing to consent to petitioner’s
request to revoke (modify) the 1995 election under section 179.
To reflect the foregoing and due to concessions by the
parties,
Decision will be entered
under Rule 155.
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