Cerand & Company, Inc. - Page 1

                                 T.C. Memo. 1998-423                                  


                               UNITED STATES TAX COURT                                


                        CERAND & COMPANY, INC., Petitioner v.                         
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 2767-97.                Filed November 24, 1998.            


               Gerard A. Cerand (an officer), for petitioner.                         
               Gregory S. Matson and Warren P. Simonsen, for respondent.              


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        
               GERBER, Judge:  Respondent determined deficiencies in                  
          petitioner’s Federal income tax for tax years 1990, 1991, and               
          1992 in the amounts of $6,994, $10,709, and $143,406,                       
          respectively.  The issue for our consideration is whether bad               
          debt deductions taken in 1990 and 1991 are allowable under                  







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