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argues that "there is a genuine issue to what I.R.C. �104(a)(2)
states" and prays for summary judgment in his favor. There being
no dispute as to any material fact, but only as to the law and
its application here, the issue is ripe for summary judgment.
The facts presented below are based on the pleadings, facts
stipulated by the parties, and other pertinent materials in the
record. These facts are stated solely for purposes of deciding
the cross-motions. The stipulation of facts and the exhibits
attached thereto are incorporated herein by this reference.
Background
Petitioner resided in Dallas, Texas, at the time he filed
his petition in this case. From March 11, 1968, until July 31,
1992, petitioner was employed by International Business Machines
Corporation (IBM). At some point prior to July 30, 1992;
petitioner became eligible to participate in the IBM Modified and
Extended Individual Transition Option Program (ITO II Program).
In order to participate in the ITO II Program, petitioner
was required to sign the General Release and Covenant Not to Sue
(Release). Pertinent sections of the Release read as follows:
GENERAL RELEASE AND COVENANT NOT TO SUE
IBM ADVISES YOU TO CONSULT AN ATTORNEY
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Last modified: May 25, 2011