Elizabeth Lai - Page 1















                                 T.C. Memo. 2007-165                                  


                               UNITED STATES TAX COURT                                


                            ELIZABETH LAI, Petitioner v.                              
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 142-05.                 Filed June 26, 2007.                


               Kevin O’Connell, for petitioner.                                       
               Wesley F. McNamara, for respondent.                                    


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        

               VASQUEZ, Judge:  Respondent determined deficiencies and                
          penalties with respect to petitioner’s 1999, 2000, and 2001                 
          Federal income tax as follows:                                              











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