Nathaniel H. and Carol A. Garfield - Page 1

                                 T.C. Memo. 2006-267                                  

                               UNITED STATES TAX COURT                                

                 NATHANIEL H. AND CAROL A. GARFIELD, Petitioners v.                   
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 4017-05.           Filed December 18, 2006.                 

               Ronald J. Cohen and David S. Schwan, for petitioners.                  
               Frank J. Jackson and Karen A. Rennie, for respondent.                  

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               FOLEY, Judge:  The issues for decision are whether income              
          received by petitioners should be treated as ordinary income or             
          long-term capital gain and whether petitioners are liable for the           
          section 66621 accuracy-related penalty.                                     

               1  Unless otherwise indicated, all section references are to           

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