- 4 - by the purchase of securities within a month. To assist him in deciding which securities to invest or trade in, petitioner used software that enabled him to receive up-to-date information such as “Level II NASDAQ quotations” and Dow Jones “real time” data. For all of 1999, petitioner resided in San Jose, California, and was employed, full time, by MediaQ, Inc. as a computer chip engineer. He received wages of $74,699 from his employer in 1999. Petitioner’s Purported Election Under Section 475(f) Petitioner did not timely file a Federal income tax return for 1999. After receipt of the notice, petitioner timely filed an “imperfect” petition3 on January 22, 2003, which was later perfected by the filing of an amended petition on March 14, 2003. Attached to the amended petition is a copy of a Form 1040, U.S. Individual Income Tax Return, for 1999 together with various documents attached to that return, including copies of (1) a purported retroactive election, under section 475(f) (dated March 9, 2003, to be effective January 1, 1999), of the mark-to-market method of accounting for traders in securities (the election), and (2) a purported cover letter conveying the election to the IRS and describing the election as “an application for making election under section 475(f)”. In the election itself, under 3 The petition was signed by a representative of petitioner’s who was not admitted to practice before this Court.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011