L. Ben Smith & Carol Smith - Page 1

                                 T.C. Memo. 2006-51                                   


                               UNITED STATES TAX COURT                                


                     L. BEN SMITH & CAROL SMITH, Petitioners v.                       
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 5708-03.           Filed March 23, 2006.                    


               Steven T. Barta, for petitioners.                                      
               Jonathan J. Ono, for respondent.                                       


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               CHIECHI, Judge:  Respondent determined the following defi-             
          ciencies in, and accuracy-related penalties under section                   
          6662(a)1 on, petitioners’ Federal income tax (tax):                         

               1Unless otherwise indicated, all section references are to             
          the Internal Revenue Code (Code) in effect for the years at                 
          issue.  All Rule references are to the Tax Court Rules of Prac-             
                                                             (continued...)           





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