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* * * * * * *
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...)
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