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OPINION
The issue we decide is whether, pursuant to section
301.9100-3, Proced. & Admin. Regs., petitioner should be granted
an extension of time to file a section 475(f) election for his
taxable year 2000. Section 475(f) provides as follows:
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--
(i) such person shall recognize gain or loss
on any security held in connection with such trade
or business at the close of any taxable year as if
such security were sold for its fair market value
on the last business day of such taxable year, and
(ii) any gain or loss shall be taken into
account for such taxable year.
Proper adjustment shall be made in the amount of any
gain or loss subsequently realized for gain or loss
taken into account under the preceding sentence. The
Secretary may provide by regulations for the
application of this subparagraph at times other than
the times provided in this subparagraph.
In general, section 475(f) allows a taxpayer engaged in a
trade or business as a securities trader to elect the mark-to-
market method of accounting. After making the election, the
taxpayer must recognize gain on or loss on any security held in
connection with the securities trading business as if the
security were sold for its fair market value on the last business
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