Frank M. Settimo and Sallyn M. Settimo - Page 1

                                 T.C. Memo. 2006-261                                  

                               UNITED STATES TAX COURT                                

               FRANK M. SETTIMO AND SALLYN M. SETTIMO, Petitioners v.                 
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 5153-05.      Filed December 7, 2006.                       

               Joseph Falcone, for petitioners.                                       
               Laurie B. Schmidt and John W. Stevens, for respondent.                 

                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               LARO, Judge:  Petitioners petitioned the Court to                      
          redetermine respondent’s determination of deficiencies of $18,243           
          and $19,917 in their 2001 and 2002 Federal income taxes,                    
          respectively, and section 6662 accuracy-related penalties of                
          $3,648.60 and $3,983.40, respectively.  Following the parties’              
          concessions, we are left to decide whether two S corporations               

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