Court of Appeals for the Tenth Circuit January 23, 1995, 93-9029 (Robert D. Fisher and Orpha L. Fisher v. Commissioner for Internal Revenue)

McKAY, Senior Circuit Judge.

The appellants, Mr. and Mrs. Fisher, were assessed a twenty-five percent penalty for substantially underreporting their taxable income in 1983 and 1984. 26 U.S.C. § 6661(a). (The Fishers had previously reached an agreement with the IRS on the amount of the deficiency for those years.) On May 25, 1989, the Fishers sought a waiver of these penalties under 26 U.S.C.