National Industrial Investors, Inc. - Page 1

                                       T.C. Memo. 1996-423                                             

                                     UNITED STATES TAX COURT                                           

                     NATIONAL INDUSTRIAL INVESTORS, INC., Petitioner v.                                
                        COMMISSIONER OF INTERNAL REVENUE, Respondent*                                  

                  Docket No. 24863-93.          Filed September 18, 1996.                              

                        P, a California corporation, substantially                                     
                  prevailed in a Tax Court case involving the deduction                                
                  of business expenses, interest, depreciation, and net                                
                  operating loss carryovers.  P then moved for an award                                
                  of reasonable administrative and litigation costs                                    
                  pursuant to section 7430, I.R.C.                                                     
                  1.  Held:  P's administrative costs were incurred prior                              
                  to the issuance of the statutory notice of deficiency                                
                  and are therefore not recoverable.                                                   
                  2.  Held, further,  R's litigation position was                                      
                  substantially justified as to all contended issues, and                              
                  P is therefore not entitled to an award of litigation                                

            *This opinion supplements our previously filed opinion in                                  
            National Industrial Investors, Inc. v. Commissioner, T.C. Memo.                            

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