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their application for automatic extension for 1989, they knew, or
should have known, that, as with their application for automatic
extension for 1989, an unreasonable estimate in their application
for automatic extension for 1990 of their tax liability for that
year would cause the extension to be declared "null and void."
We also note that although petitioner was not a tax special-
ist, he was an attorney and a sophisticated businessman. Given
his professional background, petitioner should have been aware of
the importance of providing accurate information when applying
for an extension of time to file petitioners' 1989 and 1990
returns.
Petitioners also argue that they were not able to estimate
properly their respective tax liabilities for 1989 and 1990
because they were involved in several ventures and the records
reflecting the income and loss from those ventures were lengthy
and complicated. Petitioners have failed to show that they made
any reasonable attempt to gather the necessary information or to
compile the available information to arrive at a reasonable
estimate of their respective income tax liabilities for the years
at issue.
On the instant record, we find that petitioners have not
established that they made bona fide and reasonable estimates of
their tax liabilities for 1989 and 1990. We further find that
their applications for automatic extension for those years were
invalid. Accordingly, petitioners were required to file their
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