Julius R. Phillilps and Marcia G. Phillips - Page 1

                                 T.C. Memo. 1997-336                                  

                               UNITED STATES TAX COURT                                

              JULIUS R. PHILLIPS AND MARCIA G. PHILLIPS, Petitioners v.               
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 7996-96.                     Filed July 24, 1997.           

               Michael Hinchion, for petitioners.                                     
               Edsel Ford Holman, Jr., for respondent.                                

                                 MEMORANDUM OPINION                                   

               PARR, Judge:  This case is before us on the parties' cross-            
          motions for summary judgment under Rule 121.1  Respondent                   

          1    All section references are to the Internal Revenue Code in             
          effect for the taxable year in issue, and all Rule references are           
          to the Tax Court Rules of Practice and Procedure, unless                    
          otherwise indicated.  All dollar amounts are rounded to the                 

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