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Hi all! I'm a self-employed and I would like to ask my fellow Fools from this board regarding my concern whether I can ask for an extension from the IRS in paying my 1998 income tax. I owed the IRS about $15,000 and would like to know if I can extend paying it. The reason why I want to do this because I'm also set to purchase my first home this coming April '99 and I want to have sufficient cash on hand. If in case I'll be granted to extend my payment what are the expected penalties or consequences. Is there any Law that support my request of extension of tax payment? If yes, what are the pros and cons? Also,I want to add that I have several investments that I can tap in case I need to but this would be my last option since I preferred to keep my investments intact and not liable for capital gain tax next year. I will appreciate anyone's opinion regarding my concern.Fool on.....Don.
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