Summit Sheet Metal Co. - Page 1

                                 T.C. Memo. 1996-563                                  



                               UNITED STATES TAX COURT                                


                        SUMMIT SHEET METAL CO., Petitioner v.                         
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


          Docket No. 20131-93.            Filed December 30, 1996.                    



               Elliott H. Kajan and Steven R. Mather, for petitioner.                 
               Lisa W. Kuo and T. Elizabeth Stetson, for respondent.                  


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               COLVIN, Judge:  Respondent determined a deficiency in                  
          petitioner's Federal income tax of $307,671 for 1987.                       
               Petitioner is an S corporation.  An S corporation is liable            
          for tax on net recognized built-in gain if that gain exceeds 50             
          percent of its taxable income for the year in issue.  Sec.                  





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