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possible date on which petitioners could file a timely petition
with this Court renders the notice of deficiency invalid pursuant
to section 3463(a) of the Internal Revenue Service Restructuring
and Reform Act of 1998, Pub. L. 105-206, 112 Stat. 767.
Petitioners’ research curiously failed to uncover section
7503, which states that “When the last day prescribed under
authority of the internal revenue laws for performing any act
falls on * * * a legal holiday, the performance of such act shall
be considered timely if it is performed on the next succeeding
day which is not a * * * legal holiday.”
Even when the Commissioner fails to state the petition date
on the notice of deficiency but the taxpayer nonetheless receives
the notice and, files a timely petition, the notice is valid.
Smith v. Commissioner, 114 T.C. 489, 492 (2000), affd. 275 F.3d
912 (10th Cir. 2001). Pursuant to section 7503, the final date
on which petitioners could have filed a timely petition with this
Court was Wednesday, July 5, 2000, one day later than the date on
the notice of deficiency. Petitioners filed their petition with
the Tax Court on July 3, 2000, within the time prescribed by
statute. Therefore, this Court rejects petitioners’ argument.
From an analysis of the facts and circumstances in this
case, we hold that petitioner did not operate Aspiring Artists’
relationship with his stepdaughter with the actual and honest
objective of making a profit. Thus, the activity cannot be
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