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references are to the Internal Revenue Code in effect for the
year in issue.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
Petitioners resided in El Paso, Texas, at the time their petition
was filed.
Prior to 1994, Helen Ball was employed by Revlon Government
Sales, Inc. (Revlon). On December 7, 1993, Revlon terminated Ms.
Ball's employment, and on December 9, 1993, Ms. Ball executed a
separation agreement in full bargained-for release and settlement
of any and all claims arising from her employment with and
termination from Revlon. The agreement provided, in pertinent
part, as follows:
EXTENT OF RELEASE. This agreement is valid
whether any claim arises under any federal, state or
local statute (including, without limitation, Title VII
of the Civil Rights Act of 1964, the Age Discrimination
in Employment Act of 1967, the Equal Pay Act, the
Americans with Disabilities Act of 1990, the Employee
Retirement Income Security Act of 1974, the Family and
Medical Leave Act of 1933 [sic], the New York State
Human Rights Law, The New York City Administrative
Code, and all other statutes regulating the terms and
conditions of my employment), regulation or ordinance,
under the common law or in equity (including any claims
for wrongful discharge or otherwise), or under any
policy, agreement, understanding or promise, written or
oral, formal or informal, between the Company and
myself.
The agreement further provided that Ms. Ball was entitled to 4
months of separation pay and 4 months of severance pay (i.e., a
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