Terrell Equipment Company, Inc., et al. - Page 17




                                       - 17 -                                         
          Period of Limitations/Deficiencies                                          
               As we noted supra, respondent concedes that absent a finding           
          of fraud the period of limitations for all of the years in issue            
          expired.  Accordingly, petitioners are not liable for the                   
          deficiencies, additions to tax, or penalties for the years in               
          issue.                                                                      
               To reflect the foregoing,                                              
                                                  Decisions will be entered           
                                             for petitioners.                         
































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