Clinton N. and Naomi K. Bohannon - Page 1

                                        T.C. Memo. 1997-153                                             


                                     UNITED STATES TAX COURT                                            


                      CLINTON N. AND NAOMI K. BOHANNON, Petitioners v.                                  
                         COMMISSIONER OF INTERNAL REVENUE, Respondent                                   


                  Docket No. 20925-92.                   Filed March 26, 1997.                          


                  S. Joseph Piazza and David L. Schick, for petitioners.                                
                  Willie Fortenberry, Jr., for respondent.                                              


                            MEMORANDUM FINDINGS OF FACT AND OPINION                                     

                  COLVIN, Judge:  Respondent determined deficiencies in                                 
            petitioners' Federal income taxes, an addition to tax, and a                                
            penalty as follows:                                                                         
            Addition to Tax       Penalty                                                               
                                               Sec.                     Sec.                           
                  Year    Deficiency                6661                 6662(d)                        
                  1988     $198,163             $49,541                  --                             
                  1989      241,943             --                       $48,389                        




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