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Unless otherwise indicated, all section references are to the
Internal Revenue Code in effect for the years in issue, and all
Rule references are to the Tax Court Rules of Practice and
Procedure.
After concessions, the issue remaining for decision is
whether any portion of a lump-sum payment to Louis R. Gomez from
the Civil Service Retirement System in the amount of $52,227.53
in 1987 is includable in petitioners' gross income.
Background
All of the facts have been stipulated, and the stipulated
facts are incorporated in our findings by this reference. At the
time the petition was filed, petitioners resided in Las Cruces,
New Mexico.
Louis R. Gomez (petitioner) was employed by the National
Aeronautics and Space Administration (NASA) from July 30, 1964,
until his retirement on December 19, 1986. As an employee of
NASA, petitioner was subject to the Civil Service Retirement
System (CSRS). Because petitioner’s creditable service included
service with the U.S. Army, the date for computation of his
benefit commenced July 30, 1961. At retirement, petitioner had
accumulated service for computing his retirement benefit of
25 years and 10 months.
Petitioner’s total contributions plus deemed deposits and
redeposits in his CSRS account were $53,419 on the annuity
starting date. Petitioner’s highest three salary periods (used
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