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section 9100 relief to extend the time to make the section 475(f)
election.
Respondent relies on Rev. Proc. 99-17 sec. 5.03, 1999-1 C.B.
503, 504, which states in pertinent part as follows:
SECTION 5. PROCEDURES FOR MAKING THE MARK-TO-MARKET
ELECTIONS
* * * * * * *
.03 Elections effective for a taxable year beginning on
or after January 1, 1999.
(1) General procedure. * * * for a taxpayer to
make a � 475(e) or (f) election that is effective
for a taxable year beginning on or after January
1, 1999, the taxpayer must file a statement that
satisfies the requirements in section 5.04 of this
revenue procedure. The statement must be filed
not later than the due date (without regard to
extensions) of the original federal income tax
return for the taxable year immediately preceding
the election year and must be attached either to
that return or, if applicable, to a request for an
extension of time to file that return. [Emphasis
added.]
Accordingly, respondent contends that, pursuant to Rev. Proc. 99-
17 sec. 503, petitioner was required to file his section 475(f)
election by April 17, 2000, the due date for his 1999 tax return.
Petitioner contends that he should be allowed the benefit of
section 9100 relief to extend the time to make the section 475(f)
election because he acted reasonably and in good faith and the
interests of the Government will not be prejudiced.9
9Petitioner also contends that Rev. Proc. 99-17, 1999-1 C.B.
503, is invalid and unlawful because the plain language of sec.
(continued...)
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