Ambase Corporation, f.k.a. The Home Group Inc. - Page 1




                                                                                     









                                 T.C. Memo. 2001-122                                  


                               UNITED STATES TAX COURT                                


          AMBASE CORPORATION, f.k.a. THE HOME GROUP INC., INDIVIDUALLY, AND           
            AMBASE CORPORATION, f.k.a. THE HOME GROUP INC., AS DESIGNATED             
           AGENT OF CITY INVESTING COMPANY, Petitioner v. COMMISSIONER OF             
                            INTERNAL REVENUE, Respondent                              


               Docket No. 11816-95.                     Filed May 23, 2001.           
                                                                                     

               M. Carr Ferguson, Jr., John A. Corry, Laura M. Barzilai, and           
          Marina A. Choundas, for petitioner.                                         
               Elsie Hall and Dante D. Lucas, for respondent.                         


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        
               GALE, Judge:  Respondent determined deficiencies in                    
          petitioner’s Federal income taxes as follows:                               
                         Year                Deficiency                               
                         1979                $2,081,771                               
                         1980                3,660,891                                
                         1981                4,568,190                                





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