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had sufficient information to determine his precise tax liability
for 2002, he did not attempt to estimate the omitted income he
received during the year at issue. Petitioner could have
approximated his investment income based on past annual reports
or previously filed returns. Knowing that the accounts that
produced the omitted income existed, petitioner could have
contacted the businesses where these accounts were located and
requested that copies of the Forms 1099-B and 1099-DIV or
duplicates thereof be sent to him. Even if petitioner were
unable to obtain any information regarding the omitted income
prior to filing his income tax return for 2002, he could have
attached a statement to the return explaining the relevant facts
and circumstances and indicating that an amended return would
later be filed. Instead, petitioner relied upon his father to
assess his tax liability and ignored the matter until respondent
issued the notice of deficiency.
While the Court sympathizes with petitioner and understands
the difficulties, financial and otherwise, he encountered from
his bacterial infection and Mr. Vicknair’s death, those
3(...continued)
brokers who managed the accounts. These brokers provided Mr.
Becnel and his family with annual updates concerning their
accounts’ performances. Because most people monitor their
investments, the Court inquired as to why petitioner’s financial
affairs were not so monitored. Mr. Becnel addressed this concern
by testifying: “Well, when you do the tobacco settlement, and
you settle the case for $287 billion, and you get paid four times
a year, money is irrelevant.”
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Last modified: May 25, 2011