Howard and Linda Levine - Page 8

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          307-308 (9th Cir. 1986), affg. T.C. Memo. 1984-601); O’Connor v.            
          Commissioner, 412 F.2d 304, 310 (2d Cir. 1969), affg. in part and           
          revg. in part T.C. Memo. 1967-174.                                          
               A taxpayer’s experience, knowledge, and ability as a                   
          bookkeeper and tax return preparer are also factors to be                   
          considered with respect to fraudulent intent.  O’Connor v.                  
          Commissioner, supra.                                                        
               Petitioner admits that on petitioners’ 1993 joint Federal              
          income tax return he fraudulently failed to report a substantial            
          amount of income he earned in 1993, and in related criminal                 
          proceedings petitioner pled guilty to tax evasion with regard               
               With regard to 1990, 1991, and 1992, petitioner acknowledges           
          that he carried on a separate business out of his home performing           
          bookkeeping and tax return preparation services for his own clients         
          and that on his late-filed joint Federal income tax returns for             
          those years he did not report such income.                                  
               Petitioner contends generally, however, that the Forms 1099            
          that he received in 1990, 1991, and 1992 from insurance companies           
          overstated the actual amounts that petitioner received from the             
          companies and therefore that the amounts of income relating thereto         
          were overstated on petitioners’ 1990, 1991, and 1992 joint Federal          
          income tax returns.  Petitioner claims that such Form 1099                  
          overstatements of income might more than offset the omitted income          

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