Hugh Wilkinson and Evelyn Wilkinson - Page 1

                                 T.C. Memo. 1997-410                                   

                               UNITED STATES TAX COURT                                 

                 HUGH WILKINSON AND EVELYN WILKINSON, Petitioners v.                   
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                       

               Docket No. 1963-96.                Filed September 16, 1997.            

                    H and W (Ps) filed their 1988, 1989, and 1990                      
               Federal income tax returns on Nov. 6, 1992, reporting                   
               large amounts of taxable income.  H claimed that he                     
               failed to file timely returns because he had emotional                  
               problems.  W claimed that she was not required to file                  
               returns because she earned no income.  On their 1988                    
               Federal income tax return, Ps reported that they had a                  
               $1,105 short-term capital loss that could be carried                    
               over from 1988 to 1989.  On their 1989 return, they                     
               reported and deducted the carryover as $1,208.  R                       
               mailed a notice of deficiency to Ps on Nov. 3, 1995.                    
                    Held:  The period of limitations for assessment of                 
               tax did not expire before R issued the notice of                        
                    Held, further, Ps are liable for the deficiency                    
               determined by R for 1989.                                               
                    Held, further, Ps are not liable for an addition                   
               to tax for fraud under sec. 6653(b)(1), I.R.C., for                     
               1988 or an addition to tax for fraudulent failure to                    
               file under sec. 6651(f), I.R.C., for 1989.                              

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