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stating in pertinent part that an accounting adjustment under
section 481(a) was necessary and that, because petitioner’s
circumstances were not unusual or compelling, it was unnecessary
to consider whether petitioner acted reasonably and in good faith
under section 301.9100-3(b), Proced. & Admin. Regs.
Petitioner timely petitioned this Court contending that he
should be entitled to an extension of time to file his section
475(f) election pursuant to section 301.9100-3, Proced. & Admin.
Regs., because he acted reasonably and in good faith and the
interests of the Government would not be prejudiced.
Respondent’s contentions in Vines I were consistent with
respondent’s conclusions in Priv. Ltr. Rul. 129057-00.
The interpretation of section 301.9100-3, Proced. & Admin.
Regs., and the parties’ arguments regarding section 9100 relief
presented an issue of first impression in this Court.
Interpreting section 301.9100-3, Proced. & Admin. Regs., we held
that petitioner was entitled to an extension of time to file his
section 475(f) election because he acted reasonably and in good
faith and the interests of the Government would not be
prejudiced. See Vines v. Commissioner, 126 T.C. at 298-299. On
June 12, 2006, petitioner filed the instant motion for
reimbursement of litigation costs and attorney’s fees totaling
$428,835.
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