Michael J. Fitzpatrick - Page 3

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               1.   Whether respondent correctly determined that petitioner           
          received unreported income from bribes in the years 1981 and 1982           
          in the amounts of $50,000 and $206,087, respectively.  We hold              
          that respondent's determinations are correct.                               
               2.   Whether respondent correctly determined that the entire           
          amount of the deficiency for 1982 was attributable to fraud for             
          purposes of section 6653(b)(2).  We hold that she did.                      
               Unless otherwise stated, section references are to the                 
          Internal Revenue Code applicable to the years in issue.  Rule               
          references are to the Tax Court Rules of Practice and Procedure.            
          Dollar amounts are rounded to the nearest dollar.                           
                                  FINDINGS OF FACT                                    
               Some of the facts have been stipulated and are so found.               
          The stipulations of fact and the exhibits submitted therewith are           
          incorporated herein by this reference.  Petitioner resided in               
          Taos Ski Valley, New Mexico, when he filed his petition.                    
               From 1980 through 1982, petitioner was a loan officer in the           
          real estate and construction lending department of the Bank of              
          New York (the Bank).  He initially served as assistant treasurer,           
          and in late 1981, he was promoted to assistant vice president of            
          the Bank.                                                                   

          petitioner cannot deny that a part of the underpayment was due to           
          fraud for purposes of sec. 6653(b) and sec. 6653(b)(1) for 1981             
          and 1982, respectively, it is left to decide the amount of the              
          addition to tax under sec. 6653(b)(2) for 1982.                             

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