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request, pursuant to section 301.9100-3, Proced. & Admin. Regs.,
for an extension of time to make the election, and (2) respondent
improperly denied that request.
B. Respondent’s Argument
Respondent argues that petitioner’s brief foray into high-
volume, short-term securities trading, during 1999, was of
insufficient duration to enable him to qualify as a “trader in
securities” for purposes of section 475(f)(1).
Respondent further argues that, even if petitioner qualified
as a trader in securities as of January 1, 1999, he failed to
make an effective mark-to-market election under section 475(f)
and Rev. Proc. 99-17, 1999-1 C.B. 503, pursuant to which an
election effective for taxable years beginning on or after
January 1, 1999, should have been filed “not later than the due
date (without regard to extensions) of the original * * * return
for the taxable year immediately preceding the election year”,
or, in this case, by April 15, 1999, the due date of petitioner’s
1998 return. See Rev. Proc. 99-17, 1999-1 C.B. at 504.
Lastly, respondent argues that petitioner “never made a
request for an extension of time to make the [section 475(f)]
election.”
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