St. Joseph Lease Capital Corporation - Page 1

                                 T.C. Memo. 1996-256                                  

                               UNITED STATES TAX COURT                                

                 ST. JOSEPH LEASE CAPITAL CORPORATION, Petitioner v.                  
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 249-95.                    Filed June 3, 1996.              

                    The parties have made opposing motions for summary                
               judgment with respect to the period of limitations.                    
               Petitioner argues that a notice of deficiency returned                 
               to respondent by the U.S. Postal Service was not                       
               addressed to petitioner’s last known address and was a                 
               nullity and that a copy subsequently sent to petitioner                
               by facsimile was a new notice that was received after                  
               the period of limitations had expired. Respondent                      
               argues that petitioner’s last known address presents a                 
               genuine issue as to a material fact but that we should                 
               deny petitioner’s motion and grant respondent’s on the                 
               grounds that petitioner received actual notice of a                    
               timely mailed notice without prejudicial delay.  We                    
               agree with respondent.                                                 
                    1.  Held:  Petitioner’s motion for summary                        
               judgment will be denied.                                               
                    2.  Held, further, respondent's motion for partial                
               summary judgment will be granted.                                      

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