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elections for 1995 and 1996. Petitioners did not make a section
179 election on their tax return for either 1995 or 1996.
Both of those tax returns were timely filed. The time for filing
amended tax returns has long since expired. Under these
circumstances, it is too late to make a valid section 179
election. LaPoint v. Commissioner, 94 T.C. 733, 735-736 (1990).
Apparently at the heart of petitioners’ contention that
respondent’s audit has created the need to file amended returns
on which they should be allowed to make valid section 179
elections for 1995 and 1996 are beliefs that (1) respondent’s
adjustments created a situation when an election under section
179 would “change the bottom line”, and (2) preventing
petitioners from making the elections would not be equitable.
We addressed a similar contention in Patton v. Commissioner,
116 T.C. 206, 211 (2001). The taxpayer in Patton classified and
deducted the entire cost of certain items as “materials” or
“supplies”. Id. at 207, 210. The Commissioner determined, and
the taxpayer did not dispute, that the items the taxpayer
classified as “materials” or “supplies” were depreciable
property. Id. at 210. The Commissioner also determined that the
taxpayer failed to report $135,638 of gross receipts from the
taxpayer’s business. Id. at 207. If the taxpayer in Patton had
been permitted to amend the prior section 179 election to have
that election apply to the reclassified items, then the taxpayer
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