Zacarias Lapid and Ma Delaila Lapid - Page 1

                                 T.C. Memo. 2004-222                                  

                               UNITED STATES TAX COURT                                

                 ZACARIAS LAPID AND MA DELAILA LAPID, Petitioners v.                  
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 18544-02.              Filed October 4, 2004.               

               Gary R. Dettloff, for petitioners.                                     
               Gregory C. Okwuosah, for respondent.                                   

                                 MEMORANDUM OPINION                                   

               HOLMES, Judge:  The petitioners, Zacarias and Ma Delaila               
          Lapid, are an extremely hardworking couple who used some of their           
          savings to buy five condominiums in Florida and one house in                
          Nevada.  These investments were not profitable, and the Lapids              
          contest the Commissioner’s characterization and disallowance of             
          the resulting losses as passive activity losses within the                  

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