Grady Whitlock Leasing Corporation - Page 1

                                 T.C. Memo. 1997-405                                  

                               UNITED STATES TAX COURT                                

                  GRADY WHITLOCK LEASING CORPORATION, Petitioner v.                   
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 1286-96.                Filed September 11, 1997.           

               Amy Vickers Fritz and James R. Sheatsley, for petitioner.              
               Mary Ann Waters, for respondent.                                       

                                 MEMORANDUM OPINION                                   
               TANNENWALD, Judge:  Respondent determined deficiencies in              
          petitioner's Federal income taxes of $9,300.52 for 1991 and                 
          $10,887.87 for 1992.  The issues for decision are whether                   
          respondent properly disallowed (1) a loss of $3,325 on a sale to            
          a related entity; (2) deductions for life insurance premiums for            
          a policy on petitioner's principal shareholder; (3) deductions              

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