James A. Petrie IV - Page 14

                                        - 14 -                                        
          retirement income.  At trial, petitioner raised the issue of                
          whether he may reduce his gross income for 1990 and 1991 by one-            
          half of his AT&T retirement income.  Petitioner contends that               
          because his AT&T retirement income was considered marital                   
          property by the Final Orders entered in 1992 and his former                 
          spouse was ultimately awarded one-half of his AT&T retirement               
          benefits commencing with the monthly payments made on or after              
          March 1, 1992, he should be taxed on only one-half of the                   
          retirement benefits that he received during 1990 and 1991.                  
          Respondent contends that petitioner received all the AT&T                   
          retirement income during the years in issue and must report the             
          full amount.                                                                
               Section 61(a) provides that gross income includes all income           
          from whatever source derived, unless excludable by a specific               
          provision of the Code.  Respondent's determinations in the                  
          statutory notice of deficiency are presumed to be correct, and              
          the taxpayer has the burden of proving otherwise.  Rule 142(a);             
          Helvering v. Taylor, 293 U.S. 507 (1935); Welch v. Helvering, 290           
          U.S. 111 (1933).  Exemptions from gross income, having been                 
          specifically stated, should be construed with restraint.                    
          Commissioner v. Jacobson, 336 U.S. 28, 49 (1949); Hagar v.                  
          Commissioner, 43 T.C. 468, 484 (1965).                                      
               The Final Order directed that Ms. Petrie receive one-half of           
          petitioner's AT&T retirement benefits commencing March 1, 1992.             
          Prior to March 1, 1992, petitioner received the AT&T retirement             




Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  Next

Last modified: May 25, 2011