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reversal, see Keystone Consol. Indus., Inc. v. Commissioner,
951 F.2d 76 (5th Cir. 1992). With the state of the law as such
on the due dates of the 1990 and 1991 returns, we believe that
petitioner had reasonable cause for failing to file those
returns. Although the Commissioner, 2 years after the Supreme
Court's holding in Keystone, generally reminded taxpayers that
they needed to file excise tax returns for all transfers of
property to their pension plans and provided rules under which
the Government would not impose additions to tax for failing to
file these returns timely, see Announcement 95-14, 1995-8
I.R.B. 47, we are unable to conclude that this announcement had
any bearing on additions to tax relating to returns which were
due before the date on which the announcement was published.
We repeat, for emphasis, that reasonable cause and the absence
of willful neglect must be gauged at the time that a return is
due, and the fact that a reasonable person may learn after that
time that his or her position is incorrect does not mean that
the position was unreasonable on the due date. See Ellwest
Stereo Theatres, Inc. v. Commissioner, supra; see also
Industrial Indem. v. Snyder, supra.
As to the remaining years, i.e., 1992 through 1996, we
also do not believe that it was unreasonable for petitioner to
have failed to file excise tax returns. On the basis of the
state of the law on the relevant filing dates, a reasonable
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