- 5 - confidential letters to Anacker on March 21, 1991. In one of these letters, petitioner stated that: We discussed that this settlement would be in payment of my tort claim thereby making the settlement non- taxable. This is very important to me. In my opinion such a settlement can be made and therefore I must insist on such terms. In the second letter, petitioner wrote: I have also revised the lump sum settlement amount pursuant to our conversations to account for deductions made from my last check. Moreover, I have shortened the period that ABMI would pay for my medical/dental benefits. In effect, the gross number is $21,000, less than a hundred dollar rounding bias in my favor. Clearly too, a round number would be a great asset in beating an IRS audit should I be challenged. On April 18, 1989, petitioner and Anacker signed a final settlement agreement (hereinafter the agreement). In pertinent part, the agreement provides that: A. CONDITIONS OF AGREEMENT 1. This AGREEMENT is based on the fact that FOSTER may otherwise institute or continue actions or participate in actions against ABMI arising from FOSTER'S employment or the severance thereof and/or conduct affecting in any way their relationships to date. FOSTER and ABMI desire to completely resolve and settle any and all such disputed claims FOSTER may have against ABMI. 2. The terms of this AGREEMENT set forth the full obligations of the parties. The parties have no further obligations aside from those expressed in this AGREEMENT. 3. It is agreed and understood by the parties that neither the fact that settlement has occurred nor the fact that ABMI provides consideration for the release of claims can be construed as an admission ofPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 Next
Last modified: May 25, 2011