Ronald A. and Carol J. Lehrer - Page 4

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               On November 22, 2004, we granted petitioners’ motion for               
          leave to amend petition and filed the amendment to petition which           
          pleaded, in full, the following:                                            
                    Petitioners pursuant to leave of this Court,                      
               hereby amend their Petition heretofore filed in this                   
               action as follows:                                                     
                    6(a)   Petitioner, Ron Lehrer, was a securities                   
                           trader and is entitled to elect the                        
                           provisions of �475(f) in order to claim all                
                           his gains and losses as ordinary rather                    
                           than capital.                                              
                    6(b)   The election under �475(f) does not have to                
                           be made on a timely filed return.                          
                    WHEREFORE, Petitioners pray that the Court hear                   
               this case and determine that there are deficiencies due                
               for the years in issue resulting from the agreed                       
               adjustments pursuant to a partial settlement agreement                 
               to be filed in this action and, that the Court                         
               determine that there are no penalties due for the years                
               at issue, and that Petitioner, Ron Lehrer, was a trader                
               in securities and that the provisions of �475(f) apply                 
               so that all security gains and losses are treated as                   
               ordinary.                                                              
               On December 2, 2004, the Court granted petitioners leave to            
          file a second amendment to petition regarding the section 6662(a)           
          penalty, an issue not relevant to the instant motion.  On                   
          December 10, 2004, respondent filed answers to both amendments to           
          petition, specifically denying the allegations contained in                 
          paragraph 6.                                                                
               On December 20, 2004, the parties filed a stipulation of               
          settled issues.  The parties stipulated that the only remaining             







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