Howard Pontiac-GMC, Inc. - Page 1

                                 T.C. Memo. 1997-313                                  


                               UNITED STATES TAX COURT                                


                             HOWARD PONTIAC-GMC, INC.,                                
                      D.B.A. BOB HOWARD AUTOMALL, Petitioner v.                       
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 4972-95.              Filed July 7, 1997.                   


               Randall K. Calvert, for petitioner.                                    
               David G. Hendricks and Michael J. O'Brien, for respondent.             


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        
               VASQUEZ, Judge:  Respondent determined deficiencies in                 
          petitioner's Federal income tax of $4,689 and $24,367 for the               
          1990 and 1991 tax years, respectively.  Petitioner purchased the            
          inventories (parts, accessories, new and used cars) of Dave                 
          Markley Jeep-Eagle, Inc. (seller).  Pursuant to a sales                     






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