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In July or August 1989, petitioners received a
statement referred to as the "W.O. Harrison Income
Statement Cash Basis 1988" that reports the following
income and expenses from the cattle feeding business for
1988:
Income:
Sale of cattle $1,880,166.94
Cost of cattle sold 1,123,070.95
757,095.99
Expenses:
Interest
Leadership Banks $52,360.77
Ralph Grounds 9,500.00
Futures loss 4,584.38
Feed expense 402,862.12
Total expenses 469,307.27
1988 Taxable income 287,788.72
Petitioners and their accountants were surprised by the
amount of income shown on this statement. Petitioner's
participation in this business came to an end at the close
of 1988.
In August 1989, petitioners' accountants filed, on
their behalf, Form 2688, Application for Additional
Extension of Time To File U.S. Individual Income Tax
Return, requesting an additional extension of time to
file petitioners' 1988 return. The Form 2688 gives the
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