Michael T. Chappell - Page 24




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          Memo. 1986-325.  Petitioner sought to raise this issue late in              
          the trial.  We ruled that the issue was not timely, and therefore           
          we would not consider it.  We affirm that ruling now. See Aero              
          Rental v. Commissioner, 64 T.C. 331, 338 (1975); Palmer v.                  
          Commissioner, 62 T.C. 684, 698 (1974), affd. 523 F.2d 1308 (8th             
          Cir. 1975).                                                                 
               To reflect concessions and the foregoing,                              


                                             Decision will be entered                 
                                        under Rule 155.                               































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