- 3 - Petitioner also filed his 2000 Federal income tax return on July 6, 2001. He reported, among other things, a net short-term capital loss of $129,436 from his trading activity. Petitioner did not submit to the Internal Revenue Service (IRS) or attach to his 1999 return an IRS Form 3115, Application for Change in Accounting Method, making an election under section 475(f) to use the mark-to-market method of accounting. Petitioner did not submit to the IRS or attach to his 2000 return an IRS Form 3115 making an election under section 475(f) to use the mark-to-market method of accounting. On or about February 23, 2006, petitioner attempted to file IRS Forms 1040-X, Amended U.S. Individual Income Tax Return, for 1999 and 2000. Petitioner’s purpose in attempting to file amended returns was to carry back a net operating loss claimed in 2000 to offset the net short-term capital gain reported for 1999. Respondent did not allow petitioner’s amended returns. On November 6, 2004, respondent issued a Collection Due Process Notice to petitioner concerning his 1999 tax liability, and on December 6, 2004, petitioner filed an IRS Form 12153, Request for a Collection Due Process Hearing. On February 23, 2006, respondent conducted a collection due process hearing for petitioner. During the course of that hearing, petitioner submitted the Forms 1040-X to the Appeals settlement officer conducting the hearing for transmission to the appropriate IRS office. Petitioner did not raise any collection alternative during the hearing.Page: Previous 1 2 3 4 5 6 7 NextLast modified: November 10, 2007