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the general rule is that the duty of filing an accurate tax
return cannot be avoided by placing responsibility on an agent,
and taxpayers bear responsibility for the failure of their
agents. Pritchett v. Commissioner, 63 T.C. 149, 174 (1974); Am.
Props. Inc. v. Commissioner, 28 T.C. 1100, 1116 (1957), affd. 262
F.2d 150 (9th Cir. 1958). Therefore, petitioner must bear
responsibility for the failure to file a timely election pursuant
to section 1042.
We hold that petitioner is not able to defer recognition of
a gain that resulted from a sale of stock to the ESOP because he
failed to elect such treatment as required by section 1042.
We have considered all of petitioner’s contentions,
arguments, and requests that are not discussed herein, and we
conclude that they are without merit or irrelevant.
To reflect the foregoing,
Decision will be
entered for respondent.
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