Peoplefeeders, Inc. and Subsidiaries - Page 1

                                 T.C. Memo. 1999-36                                   

                               UNITED STATES TAX COURT                                

                 PEOPLEFEEDERS, INC. AND SUBSIDIARIES, Petitioner v.                  
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 10864-96.                Filed February 4, 1999.            

                         Held:  Under the facts of this case, the fact that           
                    respondent’s notice of deficiency indicated that                  
                    petitioner’s taxable years ended on June 30 of each               
                    year rather than on the actual last day of petitioner’s           
                    taxable years does not invalidate respondent’s notice             
                    of deficiency and does not deprive the Court of subject           
                    matter jurisdiction.                                              
                         Held, further, Petitioner’s claimed $3,751,930 bad           
                    debt deduction for petitioner's 1992 taxable year and             
                    net operating loss carrybacks and carryforwards                   
                    relating thereto are denied.                                      

               Charles O. Cobb, Thomas M. Cryan, and Mark A. Krasner, for             
               Robert J. Burbank and Thomas C. Pliske, for respondent.                

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