Jerry L. Burton - Page 3

                                                 - 3 -                                                   
            $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,                              
                  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                                     

Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  Next

Last modified: May 25, 2011