Bobby E. Syphrett and Janice D. Syphrett - Page 1

                                 T.C. Memo. 1997-529                                  

                               UNITED STATES TAX COURT                                

               BOBBY E. SYPHRETT AND JANICE D. SYPHRETT, Petitioners v.               
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No.  16340-95.              Filed November 24, 1997.            

               David C. Allie and Walter B. Thurmond, for petitioners.                
               Richard T. Cummings, for respondent.                                   

                                 MEMORANDUM OPINION                                   

               LARO, Judge:  The parties submitted this case to the Court             
          without trial.  See Rule 122.  Petitioners petitioned the Court             
          to redetermine respondent's determination of a $126,510                     
          deficiency in their 1989 Federal income tax.  Following certain             
          concessions by petitioners, we must decide whether their 1989               

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