Patrick G. & Valerie V. O'Malley - Page 1

                                 T.C. Memo. 2007-79                                   

                               UNITED STATES TAX COURT                                

                  PATRICK G. & VALERIE V. O’MALLEY, Petitioners v.                    
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 23582-04.            Filed April 3, 2007.                   

               Thomas J. Renner, for petitioners.                                     
               Chang Teddy Li, 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-             
          tice and Procedure.                                                         

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Last modified: November 10, 2007