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election on its 1986 Form 1120S to invoke the unified audit and
litigation procedures. See sec. 301.6241-1T(c)(2)(v)(B),
Temporary Proced. & Admin. Regs., 52 Fed. Reg. 3001 (Jan. 30,
1987).
Respondent opposed petitioner’s motion to dismiss on the
grounds that: (1) Petitioner failed to produce a copy of the
Form 1120S that Petito Corp. purportedly filed for 1986, and (2)
the Form 1120S that Petito Corp. submitted for 1992 did not
include an election that the corporation would be subject to the
unified S corporation audit and litigation procedures.
In the meantime, on August 31, 2000, petitioner was indicted
in the U.S. District Court for the Eastern District of New York
and charged with one count of filing a false or fraudulent tax
return. United States v. Petito, No. CR-00-924.
Petitioner’s motion to reconsider was called for hearing at
the Court’s motions session in Washington, D.C. Following the
hearing, the parties filed with the Court a stipulation including
as an exhibit a copy of the Form 1120S that Petito Corp.
purportedly filed for 1986. On the basis of the record
presented, we denied petitioner’s motion for reconsideration.
See Petito v. Commissioner, T.C. Memo. 2000-363. In particular,
we concluded that petitioner had failed to prove that Petito
Corp. made an election to bring itself within the unified
subchapter S corporation audit and litigation procedures. As a
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