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Commissioner, 90 T.C. 753, 754 (1988). We conclude that there is
no genuine issue of material fact regarding the question raised
in respondent’s motion for partial summary judgment, and a
decision of that question may be rendered as a matter of law.
Respondent argues that even if Mr. Lehrer was a “trader in
securities” during the years in issue, he failed to make an
effective mark-to-market election pursuant to Rev. Proc. 99-17,
1999-1 C.B. 503. Petitioners concede that they did not make a
mark-to-market election on their tax returns but argue that an
effective mark-to-market election was made on their first
amendment to petition to this Court. Further, petitioners argue
that Rev. Proc. 99-17, supra, lacks “precedential value as it
simply announces the Service’s position.”
A taxpayer engaged in a trade or business as a trader in
securities is eligible to elect to recognize gain or loss on any
security held in connection with his trade or business at the
close of the taxable year as if the security were sold for its
fair market value at yearend. Sec. 475(f)(1)(A)(i);2 see Chen v.
2 SEC. 475(f). Election of Mark to Market for Traders in
Securities or Commodities.--
(1) Traders in securities.--
(A) In general.--In the case of a person who is
engaged in a trade or business as a trader in
securities and who elects to have this paragraph apply
to such trade or business--
(continued...)
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