-93-
deadline constitutes the same filing deadline as would have
applied under Taylor Sec., Inc. and its progeny.
For a category 2 corporation that files its tax return
after the 18-month period but before respondent notifies the
taxpayer, the 18-month filing deadline of the regulation would
apply, and the regulation represents a shortening of the filing
deadline that would have applied under Taylor Sec., Inc. and its
progeny.
In effect, the filing deadline set forth in section 1.882-
4(a)(3)(i), Income Tax Regs., significantly incorporates and
reflects aspects of the filing deadline of Taylor Sec., Inc. and
its progeny, but it shortens that deadline to no later than 18
months after the due date of the current year tax return, and it
lengthens that deadline to 18 months after the tax return due
date for a foreign corporation that filed a tax return for the
prior year and that received notification from respondent prior
to filing its tax return.1
As is evident, contrary to the majority opinion’s
contention that section 1.882-4(a)(2) and (3)(i), Income Tax
1 I regard the notification to foreign corporations
described in sec. 1.882-4(a)(3)(i), Income Tax Regs. (that no tax
return has been filed for the current year and that no deductions
or credits under sec. 882(c)(2) will be allowed), as not
materially different from the notification mentioned in Taylor
Sec., Inc. v. Commissioner, 40 B.T.A. 696 (1939), and its progeny
(that respondent has prepared a substitute tax return or issued a
notice of deficiency in which a corporation’s deductions and
credits under sec. 882(c)(2) were not allowed).
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