Ernesto H. Monroy - Page 1

                                 T.C. Memo. 1996-540                                  


                               UNITED STATES TAX COURT                                


                          ERNESTO H. MONROY, Petitioner v.                            
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 4239-95.                 Filed December 16, 1996.           


               Towner S. Leeper and John E. Leeper, for petitioner.                   
               T. Richard Sealy III, for respondent.                                  


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               COHEN, Chief Judge:  Respondent determined deficiencies in,            
          and penalties on, petitioner's Federal income taxes as follows:             
                    Year           Deficiency          Sec. 6663(a)                   
                    1990           $416,765.00         $312,573.75                    
                    1991           $370,588.00         $277,941.00                    







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