- 12 - * * * * * * * We would have done a regulation project if we had not believed section 301.9100-3 would prevent taxpayers from filing late elections. * * * * * * * The drafters of Rev. Proc. 99-17 did not want 9100 relief to be available for 475(f) elections. On December 4, 2001, respondent’s Office of Chief Counsel issued a section 301.9100-3, Proced & Admin. Regs., file memo stating in pertinent part as follows: Did the taxpayer apply for relief before the failure to make the election was discovered by the Service (see � 301.9100-3(b)(1)(i))?[5] Yes. * * * * * * * Is the taxpayer considered to have acted reasonably and in good faith, taking into account � 301.9100- 3(b)(3)(i)-(iii)?[6] * * * * * * * It is unnecessary to reach conclusions pertaining to sections 301.9100-3(b)(3)(i)-(iii) due to the taxpayer’s failure to satisfy the requirements under section 301.9100-3(c)(2).[7] 5Sec. 301.9100-3(b)(1)(i)-(v), Proced. & Admin. Regs., discussed more fully below, lists five criteria, under any one of which the taxpayer is deemed to have acted reasonably and in good faith. 6Sec. 301.9100-3(b)(3)(i)-(iii), Proced. & Admin. Regs., discussed more fully below, lists five criteria, under any one of which the taxpayer is deemed not to have acted reasonably and in good faith. 7Sec. 301.9100-3(c)(2), Proced. & Admin. Regs., provides special rules for accounting method regulatory elections, which (continued...)Page: Previous 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 Next
Last modified: May 25, 2011