T.C. Memo. 1997-475                                            
                                     UNITED STATES TAX COURT                                          
                        S.K. JOHNSTON, III AND JULIE N. BOYLE, F.K.A.                                 
                JULIE N. JOHNSTON, ET AL.,1 Petitioners v. COMMISSIONER OF                            
                                  INTERNAL REVENUE, Respondent                                        
                  Docket Nos. 16668-94, 16669-94,   Filed October 20, 1997.                           
                              16670-94.                                                               
                  C. Christopher Trower, Reginald J. Clark, and W. Scott                              
            Wright, for petitioners.                                                                  
                  Bonnie L. Cameron, for respondent.                                                  
                                        MEMORANDUM OPINION                                            
                  PARR, Judge:  Respondent determined deficiencies in,                                
            additions to, and a penalty on petitioners' Federal income tax as                         
            follows:                                                                                  
            1     By order of this Court dated Dec. 11, 1995, cases of the                            
            following petitioners were consolidated herewith for purposes of                          
            trial, briefing, and opinion:  S.K. Johnston, Jr., docket No.                             
            16669-94; S.K. Johnston, Jr., and Gillian S. Johnston, docket No.                         
            16670-94.                                                                                 
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