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first day of each month thereafter the sum of Twenty-
Five Hundred ($2500.00) Dollars per month to and
including April 1, 1991. Said spousal support shall
terminate following the forty-eight (48) payments to be
covered for the period May 1, 1987, to and including
April 1, 1991.
Said spousal support shall be non-modifiable as to
term, that is the forty-eight (48) months, and the
amount of Twenty-Five Hundred ($2500.00) Dollars per
month, or the total sum of One Hundred and Twenty
Thousand ($120,000.00) Dollars. The marriage of Wife
or death of Husband, or Wife shall not terminate the
Respondent's obligation to pay support. No Court shall
retain jurisdiction to modify any term pertaining to
spousal support, including but not limited to amount,
term, duration or termination or any matter pertaining
thereto.
Exhibit "A" attached to the settlement agreement
incorporated into the agreement additional terms and provisions,
including the following:
The payments to be made by Husband to Wife are
intended to be made by Husband to Wife tax-free to Wife
and non tax reportable since the payments are as and
for the equal division of community property, except
for spousal support payments which shall be reportable
by Wife and deductible by Husband.
Petitioners deducted as alimony $30,000 and $35,000 for the
taxable years 1990 and 1991, respectively. Respondent determined
in her notice of deficiency that the amounts petitioners deducted
were not alimony, because they did not terminate on the death of
the recipient. Petitioners contend that the amounts were
properly deductible because of the language in the settlement
agreement that the payments were reportable by wife and
deductible by husband.
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