National Bancorp of Alaska, Inc. - Page 1

                                 T.C. Memo. 2001-202                                  

                               UNITED STATES TAX COURT                                

                   NATIONAL BANCORP OF ALASKA, INC., Petitioner v.                    
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 6388-00.                    Filed August 1, 2001.           

               William H. Hippee, Jr., Irwin L. Treiger, Andrew T. Gardner,           
          Mark Alan Hagar, William Kenneth Wilcox, and Jeffrey A. Sloan,              
          for petitioner.                                                             
               Jack Forsberg and Reid M. Huey, for respondent.                        

                                 MEMORANDUM OPINION                                   

               RUWE, Judge:  Respondent determined a deficiency of $216,918           
          in petitioner’s 1996 Federal income tax.  After a concession,1              

               1Petitioner concedes that it is not entitled to deduct                 
          $17,244 of expenditures incurred in connection with a Cessna 206            
          prop aircraft owned by NB Aviation, Inc. (Aviation).                        

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