Apollo Overseas International, Inc. - Page 1

                                 T.C. Memo. 1996-280                                  


                               UNITED STATES TAX COURT                                



                 APOLLO OVERSEAS INTERNATIONAL, INC., Petitioner v.                   
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 5031-94.                     Filed June 17, 1996.           


               James S. Yan, for petitioner.                                          
               Clifton B. Cates III and Nancy C. McCurley, for respondent.            


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        
               SCOTT, Judge:  Respondent determined deficiencies in                   
          petitioner's Federal income taxes and additions to tax for the              
          taxable years ended January 31, 1988, 1989, and 1990, as follows:           












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