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(2) his present lack of records is due to fire, flood, or other
casualty beyond his control. Gizzi v. Commissioner, 65 T.C. 342,
345 (1975).7 There is not any evidence that (1) petitioner ever
possessed the records in question or (2) if the records were
available, then the records would contain sufficient evidence to
satisfy the requirements of section 274(d). Even if the records
of who bought automobiles from the Crabtree Dealerships in 1987
were available, then petitioner’s records would still have all
the problems discussed supra, that caused us to conclude that
petitioner’s diary and the stubs are materially false and were
not substantially contemporaneous. Thus, petitioner is not
entitled to relief under section 1.274-5T(c)(5), Temporary Income
Tax Regs.
(3) Conclusions
We believe that it is more likely than not that petitioner’s
diary and the stubs were created by petitioner well after the
events they purport to describe. We are satisfied that
petitioner did, indeed, have some business meals in 1987 for
which deductions would have been allowable if contemporaneous
records had been kept. However, petitioner failed to keep
contemporaneous records, and his efforts to create
7
Sec. 1.274-5T(c)(5), Temporary Income Tax Regs., which
applies to 1986 and later years (see sec. 1.274-5T(a), Temporary
Income Tax Regs.), is identical in all material respects with
sec. 1.274-5(c)(5), Income Tax Regs., the provision interpreted
in Gizzi v. Commissioner, 65 T.C. 342, 345 (1975).
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