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Sec. 1.72-17A(f)(2), Income Tax Regs.
On the basis of the particular facts and circumstances
present in this case, namely petitioner’s severe health problems
and mental condition which incapacitated him during the years in
issue, we conclude that an exception provided in section 72(t)(2)
is applicable to Mr. Meyer for the years in issue. Accordingly,
we conclude that Mr. Meyer is not liable for the additional tax
imposed by section 72(t)(1).
Additions to Tax
Section 6651(a)(1) imposes an addition to tax for failure to
file a return on the date prescribed (determined with regard to
any extension of time for filing), unless the taxpayer can
establish that such failure is due to reasonable cause and not
due to willful neglect. Section 6651(a)(2) provides for an
addition to tax where payment of tax is not timely “unless it is
shown that such failure is due to reasonable cause and not due to
willful neglect”.
On the basis of the particular facts and circumstances
present in this case, namely petitioner’s severe health problems
and mental condition which incapacitated him during the years in
issue, we conclude that Mr. Meyer’s failure to file for the years
in issue and failure to pay for 1996 were due to reasonable cause
and not willful neglect. See Shaffer v. Commissioner, T.C. Memo.
1994-618. Accordingly, we conclude that Mr. Meyer is not liable
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