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$30,000 pursuant to their divorce decree constituted taxable
income to petitioner in the amount of $156,099.46 for 1991.
This case was submitted to the Court on a full stipulation
of facts, which are so found. The stipulation of facts and the
attached exhibits are incorporated herein by this reference. At
the time the petition was filed, petitioner resided in Jackson,
Ohio.
Background
Petitioner's employment with Fluor Daniel, Inc. (Fluor
Daniel) was terminated on March 8, 1991. Petitioner subsequently
divorced Linda Gayle Burton (Mrs. Burton) on June 11, 1991; an
"Agreed Decree of Divorce" (Decree) was entered with the District
Court of Denton County, Texas. The Decree divested petitioner of
his entire interest in his former residence located at 2707
Daybreak Drive, Dallas, Texas (2707 Daybreak Drive), and
transferred that interest to Mrs. Burton. The Decree also
required petitioner to withdraw his entire retirement account
balances at Fluor Daniel, use the proceeds to pay off the
mortgage on 2707 Daybreak Drive (for which petitioner was
personally liable), and pay Mrs. Burton the remaining balance in
an amount not to exceed $30,000. The Decree states that
petitioner "shall be responsible for all taxes due on the lump
sum retirement withdrawal, and releases * * * [Linda] from any
and all liability concerning the taxes on the retirement
withdrawal."
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