Susan G. Kilburg - Page 6

                                        - 5 -                                         
          arose for which the election is to be in effect.  Id.  The                  
          Secretary is authorized to prescribe the manner for making the              
          election.  Sec. 172(b)(3).  The Secretary has prescribed the                
          manner for making the election in sec. 301.9100-12T(d), Temporary           
          Proced. & Admin. Regs., 57 Fed. Reg. 43893 (Sept. 23, 1992),                
          (redesignating sec. 7.0 Temporary Proced. & Admin. Regs., 42 Fed.           
          Reg. 1470 (Jan. 7, 1977)).  The temporary regulation provides               
          that the election shall be made by a statement attached to the              
          return (or amended return) for the taxable year.  The statement             
          is required to indicate the section under which the election is             
          being made and shall set forth information to identify the                  
          election, the period for which it applies, and the taxpayer's               
          basis or entitlement for making the election.                               
               Respondent contends that petitioner failed to attach to her            
          1996 return any document electing to forgo the statutory                    
          carryback period but if a document as alleged by petitioner was             
          attached, it is ineffective.                                                
               Petitioner's argument, in essence, is that she filed a                 
          document with her return substantially complying with section               
          301.9100-12T(d), Temporary Proced. & Admin Regs., an argument               
          advanced by the taxpayer in Young v. Commissioner, 83 T.C. 831,             
          835-838 (1984), affd. 783 F.2d 1201, 1206 (5th Cir. 1986).                  
               According to petitioner, when preparing her 1996 tax return,           
          she conferred with a C.P.A. who advised her that "she could carry           

Page:  Previous  1  2  3  4  5  6  7  8  9  Next

Last modified: May 25, 2011