L.S. Vines - Page 7

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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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