Beiner, Inc. - Page 42

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          The compensation paid to Beiner also left enough of petitioner’s            
          profits for that year in petitioner’s equity so as to constitute            
          a meaningful return to a hypothetical inactive independent                  
          investor.  We hold that petitioner is not liable for the                    
          accuracy-related penalty determined by respondent as to the                 
          $180,260 of disallowed compensation for 1999.                               
                                                                                     
               All arguments have been considered, and those arguments not            
          discussed herein are without merit.                                         

                                                  Decision will be entered            
                                             under Rule 155.                          

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