James H. Pugh, Jr., and Alexis C. Pugh - Page 1

                                 T.C. Memo. 1999-38                                   

                               UNITED STATES TAX COURT                                

               JAMES H. PUGH, JR., AND ALEXIS C. PUGH, Petitioners v.                 
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 27237-96.            Filed February 8, 1999.                

               Charles H. Egerton and Jane D. Callahan, for petitioners.              
               Judith C. Winkler, for respondent.                                     

                                 MEMORANDUM OPINION                                   

               COHEN, Chief Judge:  Respondent determined deficiencies in             
          petitioners' Federal income tax of $83,181 and $76,723 and                  
          penalties under section 6662(c) of $16,636 and $15,432 for the              
          taxable years 1990 and 1991, respectively.  After concessions,              
          the issues for decision are:                                                
               (1) Whether petitioner James H. Pugh, Jr. (petitioner), may            
          increase his basis in stock of an S corporation by the amount of            

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