ABC Beverage Corp., f.k.a. Beverage America, Inc. - Page 1

                                 T.C. Memo. 2006-195                                  


                               UNITED STATES TAX COURT                                


                 ABC BEVERAGE CORP., f.k.a. BEVERAGE AMERICA, INC.,                   
             Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent               


               Docket No. 14868-02.            Filed September 11, 2006.              


               Ronald G. Dewaard and Kaplin S. Jones, for petitioner.                 
               Lawrence C. Letkewicz and David Flassing, for respondent.              


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        
               KROUPA, Judge:  Respondent determined a $5,169,946                     
          deficiency in petitioner’s Federal income tax for 1995 by denying           
          petitioner a $10 million partial bad debt deduction under section           










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