- 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