Robert W. Eberle and Deborah M. Eberle - Page 1

                                 T.C. Memo. 1999-287                                  

                               UNITED STATES TAX COURT                                

               ROBERT W. EBERLE AND DEBORAH M. EBERLE, Petitioners v.                 
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 10218-98.                  Filed August 30, 1999.           

               James M. Kamman, for petitioners.                                      
               Jeffrey A. Schlei and Michael H. Salama, for respondent.               

                                 MEMORANDUM OPINION                                   

               FOLEY, Judge:  By notice dated March 30, 1998, respondent              
          determined deficiencies in, and penalties relating to,                      
          petitioners' 1993, 1994, and 1995 Federal income taxes.  After              
          concessions, the sole issue for decision is whether discharge of            
          indebtedness income that is excluded, pursuant to section 108,              
          from the gross income of an S corporation increases the basis of            

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