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regulations. Sec. 6662(a), (c). Section 6662(c) defines
"negligence" as including any failure to make a reasonable
attempt to comply with the provisions of the Internal Revenue
Code, and defines "disregard" as including any careless,
reckless, or intentional disregard.
Petitioner has conceded that he failed to report the receipt
of interest, dividends, and capital gains during the taxable year
1989. Petitioner seeks to avoid imposition of a penalty under
section 6662(a) for this omission by arguing that it was
attributable to the late receipt of a Form 1099 from Merrill
Lynch. We find this explanation to be self-serving and lacking
credibility. Furthermore, petitioner failed to offer any
evidence as to why an amended return was not filed to report this
income once the Form 1099 was received.
Based on the record, we also find that petitioner was
negligent in reporting his receipt of the settlement from ABMI.
Accordingly, respondent's determination of an accuracy-
related penalty is sustained.
Decision will be entered
under Rule 155.
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Last modified: May 25, 2011