Dale H. and Edith Littlefield Sundby - Page 1

                                 T.C. Memo. 2003-204                                  

                               UNITED STATES TAX COURT                                

                DALE H. AND EDITH LITTLEFIELD SUNDBY, Petitioners v.                  
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 13000-01.             Filed July 11, 2003.                  

               Dale H. and Edith Littlefield Sundby, pro sese.                        
               Michael S. Hensley, Kevin M. Brown, James A. Nelson, and               
           Jeffrey A. Schlei, for respondent.                                         

                                 MEMORANDUM OPINION                                   

               WELLS, Chief Judge:  Respondent determined a deficiency in             
          petitioners’ 1997 Federal income tax of $77,372.  The issue to be           
          decided is whether petitioners are entitled to a bad debt                   
          deduction of $350,000 which they claimed on Schedule C of their             

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