Clarissa W. Lappo - Page 1

                                 T.C. Memo. 2003-258                                  


                               UNITED STATES TAX COURT                                


                          CLARISSA W. LAPPO, Petitioner v.                            
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 11811-01.          Filed September 3, 2003.                 

               J. A. Cragwall, Jr., Norbert F. Kugele, and Dean F. Pacific            
          for petitioner.                                                             
               John Stevens and Robert D. Heitmeyer, for respondent.                  


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               THORNTON, Judge:  Respondent determined a $998,508                     
          deficiency in petitioner’s 1996 Federal gift tax.  The issue for            
          decision is the fair market value of interests in a family                  
          limited partnership that petitioner transferred in 1996.                    







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