Robert A. Read - Page 1

                                 T.C. Memo. 1997-262                                  


                               UNITED STATES TAX COURT                                


                            ROBERT A. READ, Petitioner v.                             
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 21250-94.                    Filed June 11, 1997.           


               LeRoy Boyer, for petitioner.                                           
               Donald E. Edwards and Bruce K. Meneely, for respondent.                


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        
               VASQUEZ, Judge:  Respondent determined a $173,098 deficiency           
          in petitioner's 1984 Federal income tax.                                    
               The issues in this case arise out of a claimed net operating           
          loss (NOL) carryback from 1986 to 1984.  The NOL carryback is               
          based on a bad debt deduction claimed by petitioner on his 1986             
          individual Federal income tax return.  Petitioner's 1986 bad debt           





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