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Is the Notice of Election filed by the taxpayer binding on the taxpayer?

April 26, 2017Binding election filed Notice taxpayer

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Is the Notice of Election filed by the taxpayer binding on the taxpayer?

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A-Misc.4. No. The terms of the settlement are not binding until execution of the closing agreement. The filing of the Notice of Election does not obligate or bind the taxpayer to enter into the closing agreement.