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42 1/2% of the difference between the net sale price and the
insider price. Net sale price shall be defined as sale
price less closing costs and reasonable attorneys fees.
Additionally, Article VI of the separation agreement
provided for child support.
On August 4, 1988, by Judgment of Divorce, petitioner was
divorced from Dr. Israel (Judgment of Divorce).3 The separation
agreement was incorporated by reference but not merged into the
Judgement of Divorce. On June 24, 1994 the Judgment of Divorce
was modified (modification).4 The modification in pertinent
part stated:
6. The parties acknowledge that [Dr. Israel] may
have overstated the amount of maintenance he had paid
to [petitioner] during calendar years 1990, 1991 and
1992. To the extent that the amount claimed by [Dr.
Israel] as a maintenance deduction exceeded the amount
he was entitled to claim in accord with the
[separation] Agreement, [Dr. Israel] agrees to
indemnify and hold harmless [petitioner] for any
liability imposed by the Internal Revenue Service, the
State of New York and the City of New York for such
overstatement. [Emphasis added.]
During 1990, Dr. Israel paid petitioner $5,000,5 which
petitioner reported on her 1990 Federal return as taxable
alimony. Also, during the year in issue, pursuant to the terms
3 Judgment of Divorce dated August 4, 1988, by the
Supreme Court of the State of New York in and for the County of
New York.
4 By Court Order Dated June 24, 1994, from the Family
Court of the State of New York, County of New York.
5 The $5,000 maintenance payment was made pursuant to
Article III, paragraph c, of the separation agreement.
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