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and not willful neglect. The taxpayer bears the burden of
proving both. United States v. Boyle, 469 U.S. 241, 245 (1985).
A showing of reasonable cause requires that the taxpayer
demonstrate that he exercised ordinary business care and
prudence, but nevertheless was unable to file the return within
the prescribed time. Sec. 301.6651-1(c)(1), Proced. & Admin.
Regs.; see also United States v. Boyle, supra at 246.
Petitioner claims to have reasonable cause for failing to
timely file his 1989 and 1990 Federal income tax returns based
upon his belief that a return was not required because his
securities losses exceeded his income in such years. The mere
fact that petitioner mistakenly believed he owed no tax does not
constitute reasonable cause for failure to file a return on or
before its due date. Linseman v. Commissioner, 82 T.C. 514, 523
(1984). Moreover, there is no evidence that petitioner obtained
professional advice in forming his belief that he owed no tax.
Cf. Cohen v. Commissioner, T.C. Memo. 1996-546.
Petitioner also argues that reasonable cause exists based
upon the fact that he was "depressed", although his testimony was
quite sketchy in this regard. In order for such condition to
constitute reasonable cause, petitioner must show that his
depression incapacitated him to such a degree that he was unable
to file his returns. Williams v. Commissioner, 16 T.C. 893, 906
(1951). The fact that petitioner was functioning as a full-time
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