- -3 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.Page: Previous 1 2 3 4 5 6 7 8 9 Next
Last modified: May 25, 2011