Norstam Veneers, Inc. A Kentucky Corporation - Page 1

                                       T.C. Memo. 1996-443                                             


                                     UNITED STATES TAX COURT                                           


               NORSTAM VENEERS, INC., A KENTUCKY CORPORATION, Petitioner v.                            
                        COMMISSIONER OF INTERNAL REVENUE, Respondent                                   
                             NORSTAM VENEERS, INC., Petitioner v.                                      
                        COMMISSIONER OF INTERNAL REVENUE, Respondent                                   

            Docket Nos. 27615-92, 608-93.      Filed September 26, 1996.                               


                  Donald E. Meyer, for petitioner.                                                     
                  William C. Shouse, for respondent.                                                   


                           MEMORANDUM FINDINGS OF FACT AND OPINION                                     

                  FOLEY, Judge:  By notice dated September 21, 1992,                                   
            respondent determined a deficiency in petitioner's 1989 Federal                            
            income tax of $26,829.  By notice dated December 21, 1992,                                 
            respondent determined deficiencies in petitioner's 1990 and 1991                           






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