Dennis L. and Margaret J. Knudsen - Page 1















                              T.C. Memo. 2007-340                                     
                                                                                     

                               UNITED STATES TAX COURT                                


                  DENNIS L. AND MARGARET J. KNUDSEN, Petitioners v.                   
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 18246-04.             Filed November 15, 2007.              


               Jack D. Flesher and Brian A. Turney, for petitioners.                  
               Ann L. Darnold, for respondent.                                        


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               MARVEL, Judge:  Respondent determined deficiencies with                
          respect to petitioners’ Federal income tax of $183,774 for 2000             
          and $197,473 for 2001.  The issues for decision are:                        











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