Paul Mifsud and Maria G. Mifsud - Page 14

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                          Year                    Amount                              
                          1986          $11,995                                       
                          1987          13,108*                                       
                          1988          12,067**                                      
                          1989          25,286                                        
                          1990          28,988                                        
                          1991          25,709                                        
                          1992          28,982                                        
                          1993          29,398                                        
                          1994          23,947                                        
          *  Includes $2,424 in tax-exempt interest.                                  
          ** Includes $2,452 in tax-exempt interest.                                  
               Petitioners reported the following amounts of interest                 
          expense in Schedule A, Itemized Deductions, of their returns for            
          the years indicated:                                                        
                         Year                      Amount                             
                         1986           $13,688                                       
                         1987           5,135                                         
                         1988           6,046                                         
                         1989           13,570                                        
                         1990           12,752                                        
                         1991           9,394                                         
                         1992           8,040                                         
                         1993           4,382                                         
                         1994           4,892                                         
               In Forms 1120S, U.S. Income Tax Return for an S Corporation,           
          for 1992, 1993, and 1994, Paul & Joe, Inc., reported gross                  
          receipts in the amounts of $308,643, $334,427, and $307,478,                
          respectively.  In those forms, Paul & Joe, Inc., reported cost of           
          goods sold in the amounts of $161,149, $208,999, and $151,120,              
          respectively, of which $93,478, $117,149, and $90,164, respec-              
          tively, were reported as "Purchases" and $68,543, $93,125, and              

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