Charles R. Godwin et al. - Page 17

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               Petitioners conceded the issue of liability under section              
          6654(a) because they did not raise the issue in their petition.             
          See Rule 331(b)(4); Goza v. Commissioner, 114 T.C. at 183.                  
               Even if petitioners had properly raised this issue in their            
          petition, we would hold it would not be inequitable or                      
          unconscionable to impose the estimated tax addition on them.                
          Petitioners did not provide any reason for their failure to pay             
          estimated taxes.  Rather than paying estimated taxes, petitioners           
          used $989,158 of petitioner’s law practice net profit to pay for            
          construction of their house in Escambia County.  Petitioners                
          invested another portion of the law practice net profit in                  
          timberland, a highly illiquid investment.  Having earned a net              
          profit from petitioner’s law practice that was more than four               
          times the amount of the tax liability shown on their return,                
          petitioners had more than enough money to pay estimated taxes and           
          still have funds left over for investments and personal outlays.            
          Moreover, petitioners did not establish any causal link between             
          the natural disasters and failure to pay estimated tax, such as             
          damage or loss of their business records that adversely affected            
          their ability to estimate their tax liability.                              
               b.  Failure To Pay Tax With the Request for                            
               Automatic 4-Month Extension                                            
               Petitioners did not pay any tax, either when they filed                
          their Form 4868 on April 15, 1998, or when they requested a                 

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