- 33 -
In conclusion, under section 301.9100-3(c)(1)(i), Proced. &
Admin. Regs., there is no prejudice to the Government in the
instant case. Petitioner did not realize any gains or suffer any
further losses between the time he should have filed his section
475(f) election and the date he actually filed the election.
Petitioner will be entitled to no more than he would have been
entitled to had he filed his section 475(f) election by the date
prescribed in Rev. Proc. 99-17, supra, which is precisely the
purpose of section 9100 relief: to “permit []taxpayers that are
in reasonable compliance with the tax laws to minimize their tax
liability by collecting from them only the amount of tax they
would have paid if they had been fully informed and well
advised.” T.D. 8742, 1998-1 C.B. at 389.19 We conclude that
petitioner is entitled to an extension of time to file his
section 475(f) election pursuant to section 301.9100-3, Proced. &
Admin. Regs. Petitioner is entitled to relief because he acted
reasonably and in good faith and the interests of the Government
will not be prejudiced. Accordingly, we hold that petitioner is
19See supra note 11, and accompanying text.
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