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We must decide whether the subject decision should reflect
$25,605 in income for 1990, from the discharge of indebtedness.
We hold it should.
Background1
This case was calendared for trial on February 5, 1996.
Following a conference with the Court on that date, respondent’s
counsel (Paul K. Voelker) announced that the parties had reached
a basis of settlement which he would read into the record. The
Court instructed petitioner to “listen very carefully because
when Mr. Voelker is done reading then I’m going to turn to you
and say, are you in agreement.”
Mr. Voelker read the parties’ settlement into the record on
an issue by issue basis. One of the issues concerned income from
discharge of indebtedness. Mr. Voelker stated that the parties
had agreed that there would be no change to the amount of
discharge of indebtedness income that appeared in the notice of
deficiency for 1990. The Court asked petitioner if he agreed
with Mr. Voelker’s reading of the settlement. Petitioner
replied: “Yes sir, I’m in full agreement.” The Court ordered
the parties to file decision documents with the Court.
1 Petitioner resided in Las Vegas, Nevada, when he
petitioned the Court.
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Last modified: May 25, 2011