Walter L. Medlin - Page 78

                                       - 161 -                                        
          Travel, meals, ent.                                                         
          Travel                             ---                                      
          Meals & ent.             1,081                                              
          20% of meals & ent.        (216)                                            
          Meals & ent. minus 20%             865            - 0 -                     
          Utilities and telephone           2,784           - 0 -                     
          Total                         43,713              306,874                   
          S Corporation Loss                                                          
               Reported by petitioner   $4,702                                        
               Determined by respondent $4,702                                        
          Itemized Deductions                                                         
               Reported by petitioner        ---                                      
               Determined by respondent $38,661                                       
          Personal Exemptions                                                         
               Reported by petitioner (2)$3,900                                        
               Determined by respondent (2)      $3,900                               
          Taxable Income                                                              
               Reported by petitioner   $5,206                                        
               Determined by respondent $218,131                                      
          Tax                                                                         
               Reported by petitioner   $784                                          
               Determined by respondent $62,169                                       
          Self-employment Tax                                                         
               Reported by petitioner   $2,371                                        
               Determined by respondent $5,859                                        
          Earned Income Credit Recapture                                              
               Determined by respondent      $37                                      

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