Christopher Joseph Bush and Robin Leigh Pickering - Page 16

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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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