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render such statements, make such returns, and comply
with such rules and regulations as the Secretary may
from time to time prescribe. * * *
Generally, if in the absence of such records a taxpayer
provides sufficient evidence that the taxpayer has incurred a
deductible expense, but the taxpayer is unable to adequately
substantiate the amount of the deduction to which he or she is
otherwise entitled, the Court may estimate the amount of the
expense and allow the deduction to that extent. Cohan v.
Commissioner, 39 F.2d 540, 543-544 (2d Cir. 1930). In order for
the Court to estimate the amount of the expense, however, we must
have some basis upon which an estimate may be made. Vanicek v.
Commissioner, 85 T.C. 731, 743 (1985). Without such a basis, any
allowance would amount to unguided largesse. Williams v. United
States, 245 F.2d 559, 560 (5th Cir. 1957).
In the case of certain expenses, section 274(d) overrides
Cohan. Sanford v. Commissioner, 50 T.C. 823, 827 (1968), affd.
per curiam 412 F.2d 201 (2d Cir. 1969); sec. 1.274-5T(a),
Temporary Income Tax Regs., 50 Fed. Reg. 46014 (Nov. 6, 1985).
Specifically, section 274(d) provides that no deduction is
allowable with respect to listed property as defined in section
280F(d)(4) unless the deduction is substantiated in accordance
with the strict substantiation requirements of section 274(d) and
the regulations promulgated thereunder. Included in the
definition of listed property in section 280F(d)(4) is any
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