Ghalardi Income Tax Education Foundation - Page 1

                                 T.C. Memo. 1998-460                                  


                               UNITED STATES TAX COURT                                


                GHALARDI INCOME TAX EDUCATION FOUNDATION, Petitioner                  
                   v. COMMISSIONER OF INTERNAL REVENUE, Respondent                    
                       WILLIAM S. WEBBER, JR., Petitioner v.                          
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


             Docket Nos. 24817-96, 24826-96.  Filed December 30, 1998.                


                  Donald S. Fletcher (trustee), for petitioner                        
             foundation.                                                              
                  William S. Webber, Jr., pro se.                                     
                  Lloyd T. Silberzweig and Andrew P. Crousore, for                    
             respondent.                                                              

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        
                  WHALEN, Judge:  Respondent determined the following                 
             deficiency in and penalty with respect to the Federal                    





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