Raymond Albert Moorefield - Page 4

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          petitioner, but he returned it to Wright’s attorney, refusing to            
          accept it.  Thereafter, Wright’s attorney filed an interpleader             
          action with respect to the $45,000 and deposited it with the                
          Clerk of the Superior Court.  The interpleader action was                   
          subsequently dismissed, and the $45,000 was tendered to                     
               Subsequent to his receipt of $1,055,000, petitioner claimed            
          that Wright and others had breached the settlement agreement.               
          Petitioner commenced further litigation that continued through              
          the time of trial of this case in January 1996.  Petitioner                 
          refused to accept the $45,000 from the Superior Court because he            
          believed that it would compromise his position that a valid                 
          settlement agreement had not been entered into.                             
               Petitioner did not file a tax return for 1988 until                    
          December 29, 1993, after he was contacted by the Internal Revenue           
               Petitioner contends that, because his ongoing litigation               
          with Wright has not been resolved, it would be premature to tax             
          him on the proceeds that he actually received in 1988 from                  
          Wright.  Alternatively, petitioner contends that the proceeds               
          were not pursuant to a settlement agreement entered into in 1988            
          but were paid on account of a tentative decision of the Superior            
          Court in 1984.  Neither theory, however, makes the funds actually           

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