Edward A. Bougas III - Page 1

                                 T.C. Memo. 2003-194                                  

                               UNITED STATES TAX COURT                                

                         EDWARD A. BOUGAS III, Petitioner v.                          
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 13256-01.              Filed July 2, 2003.                  

               Edward A. Bougas III, pro se.                                          
               Steven W. Ianacone, for respondent.                                    

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               GOLDBERG, Special Trial Judge:  Respondent determined a                
          deficiency in petitioner’s Federal income tax for the taxable               
          year 1998 in the amount of $25,000.  Unless otherwise indicated,            
          section references are to the Internal Revenue Code in effect for           
          the year at issue.                                                          
               The issue for decision is whether petitioner is liable for             
          the 10-percent additional tax under section 72(t) on a $250,000             

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