Sigitas J. Banaitis - Page 1

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                                  T.C. Memo. 2002-5                                   


                               UNITED STATES TAX COURT                                


                         SIGITAS J. BANAITIS, Petitioner v.                           
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      


               Docket No. 4323-00.                Filed January 8, 2002.              


               Joseph Wetzel and Michael C. Wetzel, for petitioner.                   
               Shirley M. Francis, for respondent.                                    


                       MEMORANDUM FINDINGS OF FACT AND OPINION                        


               GERBER, Judge:  Respondent determined a $1,708,216                     
          deficiency in income tax for petitioner’s 1995 taxable year.  The           
          issues for our consideration are:  (1) Whether petitioner is                
          entitled to exclude damages received in settlement of a lawsuit