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Assistant Attorney General/Chief Counsel. In the letter, the AAG
noted that $42,396 of the $104,000 settlement had been deposited
with the circuit court, leaving the remainder, or $61,604, to be
paid. He also noted that the $61,604 accrued postjudgment
interest at 10 percent per annum from September 20, 1989, until
actually paid; furthermore, he noted that, the "settlement
includes all prejudgment interest." Finally, the AAG indicated
that the prejudgment interest included in the settlement was
$34,618.
On December 7, 1989, the State deposited with the circuit
court $62,937.35 in full payment of the agreement entered into on
September 20, 1989; this amount included the balance of $61,604
due on the consent inquisition, and postjudgment interest of
$1,333.35 through December 8, 1989. However, a schedule attached
to the letter which included the foregoing deposit indicated that
no prejudgment interest was due and payable.
On January 10, 1990, petitioner petitioned the circuit court
to withdraw the $13,996 and 62,937.35 previously deposited by the
State, or $76,933.35, plus interest thereon. On January 11,
1990, the clerk of the circuit court issued a check to petitioner
for $79,094.05, which included $76,933.35 previously deposited by
the State and interest of $2,160.70.
From 1980 through the taxable years in issue, petitioners
did not report on their Federal tax returns any of the
condemnation proceeds received from the State, nor did they
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