- 3 -
year 2000. We conclude that respondent may proceed with
collection.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulation of facts and the accompanying exhibits are
incorporated herein by this reference. Petitioner resided in
Wisconsin when he filed the petition in this case.
On April 16, 2001, petitioner timely filed his Federal
income tax return for 2000 on a Form 1040, U.S. Individual Income
Tax Return. Before doing so, he had received a publication from
respondent entitled "2000 Instructions for Form 1040" which
included a discussion of special rules for traders in securities.
On line 13 of the Form 1040, "Capital gain or (loss)", petitioner
checked a box indicating that no Schedule D, Capital Gains and
Losses, was required and reported $55,778.28 in losses, which
offset ordinary income in that amount. As he indicated on the
Form 1040, petitioner did not attach a Schedule D. The Form 1040
did not include any election forms, any Schedules C, Profit or
Loss From Business, any Forms 4797, Sales of Business Property,2
or any statement to the effect that petitioner was a trader in
securities or was invoking section 475(f). Petitioner has not at
2 Respondent's publication, "2000 Instructions for Form
1040", instructs taxpayers electing to use "mark-to-market"
accounting for securities held in connection with a trade or
business of trading securities to report gains and losses on Form
4797.
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