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opportunity to raise any issue concerning the underlying
liability that he contended he would have raised at the hearing.
1. Self-Assessed Amount
Petitioner has not addressed that portion of the underlying
liability reported as due on his return but unpaid, other than
his claim regarding the limitations period for assessment or
collection that we find to be without merit. See infra at
II.C.3. We therefore deem that portion conceded.
2. Section 6213(b)(1) Assessment: Claim Under Section
475(f)
As for the portion of the underlying liability attributable
to respondent's disallowance of petitioner's claimed capital
losses in excess of $3,000, petitioner contends that he is
entitled to the claimed losses on the "basis of being a day
trader". While section 475(f) allows persons engaged in a trade
or business as a trader in securities to treat the gain or loss
from such securities as ordinary income or loss (not subject to
the section 1211(b) limitation on recognition of capital losses),
see sec. 475(d)(3)(A)(i), (f)(1)(D), we are satisfied after a de
novo review of petitioner's claim that he has not shown
eligibility for treatment of his securities losses under section
475(f).
Section 475(f) allows ordinary gain or loss treatment in
conjunction with use of the mark-to-market method of accounting
for the securities used in the securities trader's trade or
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