Hallmark Cards, Incorporated and Subsidiaries - Page 1

                                   111 T.C. No. 14                                    

                               UNITED STATES TAX COURT                                

              HALLMARK CARDS, INCORPORATED AND SUBSIDIARIES, Petitioner               
                   v. COMMISSIONER OF INTERNAL REVENUE, Respondent                    

               Docket No. 27306-92.            Filed October 30, 1998.                

                    In a decision which has become final, this Court                  
               determined that P had an overpayment of Federal income                 
               tax for the taxable year 1987, due to a foreign tax                    
               carryback from 1989.  Prior to the application of the                  
               carryback, P had a deficiency for 1987.  P filed a                     
               timely motion to redetermine interest under sec.                       
               7481(c), I.R.C.  Thereafter, P filed a motion for leave                
               to withdraw its earlier motion on jurisdictional                       
               grounds.  Held, this Court has jurisdiction over P's                   
               motion to redetermine interest.  Held, further, the                    
               exercise of such jurisdiction is mandatory, and, thus,                 
               P's motion to withdraw is denied.  Held, further, P's                  
               motion to redetermine interest is denied.  Intel Corp.                 
               & Consol. Subs. v. Commissioner, 111 T.C. 90 (1998).                   

               Jerome B. Libin, James V. Heffernan, Bradley M. Seltzer, and           
          James B. Overman, for petitioner.                                           
               Michael L. Boman, for respondent.                                      

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