Jerome B. Cronin and Staci L. Cronin - Page 1


                                 T.C. Memo. 1999-22                                   

                               UNITED STATES TAX COURT                                

                JEROME B. CRONIN AND STACI L. CRONIN, Petitioners v.                  
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 18408-97.                   January 29, 1999.               

               Joseph Peck, for petitioners.                                          
               David S. Weiner, for respondent.                                       

                                 MEMORANDUM OPINION                                   

               LARO, Judge:  Respondent determined deficiencies in                    
          petitioners Jerome B. and Staci L. Cronin's 1991 through 1994               
          Federal income tax in the amounts of $7,067, $28,415, $21,134,              
          and $3,506, respectively.  Respondent's determination was based             
          on the disallowance of a basis step-up petitioner Mr. Cronin                
          claimed with respect to stock of Impact Audio, Inc. (Impact).               
          Impact is an S corporation in which petitioner Mr. Cronin held a            

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