Anthony G. and Shirley A. Olbres - Page 1

                                 T.C. Memo. 1997-437                                  


                               UNITED STATES TAX COURT                                

                  ANTHONY G. AND SHIRLEY A. OLBRES, Petitioners v.                    
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 27160-93.               Filed September 25, 1997.           

               Edward DeFranceschi, for petitioners.                                  
               Ronald F. Hood, for respondent.                                        

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        
               CHIECHI, Judge:  Respondent determined the following defi-             
          ciencies in, and additions to, petitioners' Federal income tax:             
                           Additions to Tax                                           
                                Sec.           Sec.          Sec.      Sec.           
        Year Deficiency    6653(b)(1)(A)1  6653(b)(1)(B)  6653(b)(1)  6661(a)         
        1986    $120,353      $87,750            *            --      $29,250         
        1987    336,457       251,203           **            --      83,734          
        1988    122,457          --             --         $91,843    30,614          
        *  50 percent of the interest due on $117,000.                                
        ** 50 percent of the interest due on $334,937.                                

          1  All section references are to the Internal Revenue Code in               
          effect for the years at issue.  All Rule references are to the              
          Tax Court Rules of Practice and Procedure.                                  




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