Beals Bros. Management Corp. - Page 1

                                 T.C. Memo. 2001-234                                  

                               UNITED STATES TAX COURT                                

                     BEALS BROS. MANAGEMENT CORP., Petitioner v.                      
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 10871-99R.               Filed September 6, 2001.           

               David R. Rhein, for petitioner.                                        
               Michael J. Roach and James S. Stanis, for respondent.                  

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               LARO, Judge:  Respondent determined that the employee stock            
          ownership plan (MGMT ESOP) operated by petitioner did not meet              
          the requirements of section 401(a)(3) or (4)1 for its plan year             

               1 Unless otherwise indicated, section references are to                
          sections of the Internal Revenue Code in effect for the years in            
          issue.  Rule references are to the Tax Court Rules of Practice              
          and Procedure.                                                              

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