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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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Last modified: May 25, 2011