National Industrial Investors, Inc. - Page 1

                                       T.C. Memo. 1996-151                                             


                                     UNITED STATES TAX COURT                                           


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


                  Docket No.  24863-93.                  Filed March 26, 1996.                         


                        Held:  P's miscellaneous deductions redetermined;                              
                  held, further, for any underpayment due to denied                                    
                  deductions P is liable for penalties under sec.                                      
                  6662(a), I.R.C., for 1989 and 1990; held, further, for                               
                  any underpayment due to unreported income P is not                                   
                  liable for penalties under sec. 6662(a), I.R.C., for                                 
                  1990.                                                                                


                  Donald Del Grande, for petitioner.                                                   
                  Elaine L. Sierra, for respondent.                                                    








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