Jacob and Yehiella Kalo - Page 1

                                         T.C. Memo. 1996-482                                              


                                      UNITED STATES TAX COURT                                             


                            JACOB AND YEHIELLA KALO, Petitioners v.                                       
                         COMMISSIONER OF INTERNAL REVENUE, Respondent                                     


                  Docket No. 20479-94.                 Filed October 28, 1996.                            


                  Robert W. Siegel, for petitioners.                                                      
                  Timothy S. Murphy, for respondent.                                                      


                            MEMORANDUM FINDINGS OF FACT AND OPINION                                       
                  VASQUEZ, Judge:  Respondent determined the following                                    
            deficiency in, additions to, and penalty on petitioners' Federal                              
            income taxes:                                                                                 
                                   Additions to Tax                  Penalty                              
            Sec.          Sec.           Sec.           Sec.                                              
            Year   Deficiency     6653(b)(1)   6653(b)(1)(A)  6653(b)(1)(B)      6663                     
            1986    $29,316          ---         $21,987           1              ---                     
            1987     ---  ---         16,399  1     ---                                                   
            1988     ---      $17,996    ---       ---     ---                                            




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