- 11 - Following an adverse private letter ruling request conference on September 25, 2001, respondent’s Office of Chief Counsel (Financial Institutions & Products) issued a conference report dated October 19, 2001, stating in pertinent part as follows: For basically administrative reasons, we were forced to allow 3� months of hindsight, but if we had the choice, we would not have allowed one day of hindsight. * * * * * * * We did anticipate that taxpayers would not be able to use 9100 relief to obtain additional time to file the election. 4(...continued) Apr. 6, 2001, respondent told petitioner’s representative: “If * * * [petitioner] is not granted section 9100 relief, he has to make the election and follow the procedures for making the election for year 2001 - So [petitioner] should think about a protective election.” At the time respondent advised petitioner’s representative to file a protective election for taxable year 2001, petitioner had already filed his tax return for his 2000 taxable year on Jan. 17, 2001. On Apr. 11, 2001, petitioner filed a document captioned “Taxpayer Protective Election for Mark to Market Accounting under Section 475(f)” for taxable year 2001. On Oct. 17, 2001, petitioner filed a Form 1040X, Amended U.S. Individual Income Tax Return. The Form 1040X made no changes to petitioner’s income or deductions but had attached to it a Form 3115, Application for Change of Accounting Method, which petitioner had not attached to the tax return he filed on Jan. 17, 2001, or the protective sec. 475(f) election he filed on Apr. 11, 2001. The parties also dispute whether petitioner properly made a valid sec. 475(f) election for his 2001 taxable year. We do not reach that issue because, for reasons stated below, we hold that petitioner is entitled to a sec. 475(f) election for his 2000 taxable year.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011