Investment Research Associates - Page 391

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          interest due on the note.  The fact that Holding Co. paid the                
          principal and interest to Kanter, rather than JUF, is additional             
          proof that Kanter never legally transferred the Holding Co. note             
          to JUF.  Therefore, we hold that Kanter is not entitled to a                 
          deduction for the claimed contribution to JUF for 1982, but that             
          he is entitled to a charitable contribution deduction for 1983               
          for the $15,000 paid to JUF that year, subject to the adjusted               
          gross income limitations of section 170(b).  See Petty v.                    
          Commissioner, 40 T.C. 521, 524-525 (1963); compare Christensen v.            
          Commissioner, 40 T.C. 563, 574-577 (1963).                                   
          Issue 21.  Whether the Kanters Are Entitled to Claimed Capital               
          Gains and Losses for 1987                                                    
                                   FINDINGS OF FACT                                    
               On their Federal income tax return for 1987, the Kanters                
          reported the following capital gains and losses:                             

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