- 6 -
return. Id., 1999-1 C.B. at 504-505. Petitioner does not claim
that he has made a mark-to-market election in compliance with
section 475(f) and Rev. Proc. 99-17, supra. Nor is petitioner
entitled to the benefit of relief under section 301.9100-3,
Proced. & Admin. Regs., to extend the time to make the section
475(f) election. See generally Vines v. Commissioner, 126 T.C.
279 (2006). Petitioner has neither requested that relief, nor is
there any evidence that he would not be using hindsight in
requesting that relief. The hindsight would be in using 2000
losses to shelter 1999 gains. See sec. 301.9100-3(b)(3)(iii),
Proced. & Admin. Regs. (taxpayer is deemed not to have met the
requirement of having acted reasonably and in good faith where he
uses hindsight in requesting relief). Petitioner is not entitled
to the benefits of section 475(f).
Section 6651(a)(1) provides for an addition to tax in the
event a taxpayer fails to file a timely return (determined with
regard to any extension of time for filing), unless it is shown
that such failure is due to reasonable cause and not due to
willful neglect. Section 6651(a)(2) provides for an addition to
tax for failure to make timely payment of the tax shown on a
return, unless it is shown that such failure is due to reasonable
cause and not due to willful neglect. Respondent bears the
burden of production with respect to those additions to tax. See
sec. 7491(c). In order to carry that burden, respondent must
produce sufficient evidence establishing that it is appropriate
to impose the additions. Higbee v. Commissioner, 116 T.C. 438,
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