FRGC Investment, LLC, James P. Mehen, Tax Matters Partner - Page 1
















                                 T.C. Memo. 2002-276                                  


                               UNITED STATES TAX COURT                                


             FRGC INVESTMENT, LLC, JAMES P. MEHEN, TAX MATTERS PARTNER,               
             Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent               


               Docket No. 5443-01.               Filed October 31, 2002.              


               Stephen E. Silver and Jason M. Silver, for petitioner.                 
               Michael L. Boman and James E. Cannon, for respondent.                  


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               COHEN, Judge:  Respondent sent a Notice of Final Partnership           
          Administrative Adjustment (FPAA) for 1997 and 1998 to FRGC                  
          Investment, LLC (FRGC).  James P. Mehen (petitioner), the                   
          designated tax matters partner for FRGC, filed a timely petition            
          for readjustment with the Court.  The issues for decision are:              
          (1) Whether FRGC’s expenses in 1997 are deductible as an                    





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