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available to them for the years in issue. See Crocker v.
Commissioner, supra at 910; Boatman v. Commissioner, T.C. Memo.
1995-356 (Form 4868 invalidated when the taxpayers, whose tax
liability was $118,601, estimated that their tax liability was
$60,000).
Petitioners contend that their situation is like that of the
taxpayers in Hudspeth v. Commissioner, T.C. Memo. 1985-628, revd.
and remanded on another issue 914 F.2d 1207 (9th Cir. 1990). We
disagree. We concluded in Hudspeth that the taxpayers properly
estimated their tax liability based on information available to
them at the time. Petitioners had but did not use information
which was available to properly estimate their tax liability.
We also have considered Jacobs v. Commissioner, T.C. Memo.
1994-252, in deciding this case. In Jacobs, the taxpayer
husband, a lawyer, included his monthly billings in his estimated
income but did not include in his monthly billings, or in his
estimated income, about $29,500 of fees from a personal injury
lawsuit which had been deposited in a client trust account. We
held that the taxpayers properly estimated their tax according to
their regular bookkeeping procedures based on the total of the
monthly billings. We found that their failure to count the
client trust fund in estimating their tax on the Form 4868 did
not invalidate their extension request. Here, there is no
evidence of how petitioners estimated the tax liability shown on
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