Phillip Lee Allen and Carolyn F. Allen - Page 1

                                        T.C. Memo. 1998-406                                              

                                      UNITED STATES TAX COURT                                            

                   PHILLIP LEE ALLEN AND CAROLYN F. ALLEN, Petitioners v.                                
                         COMMISSIONER OF INTERNAL REVENUE, Respondent                                    

                  Docket No. 243-97.                 Filed November 13, 1998.                            

                  Joseph E. Mudd and Jeri L. Gartside, for petitioners.                                  
                  Andrew H. Lee, for respondent.                                                         

                            MEMORANDUM FINDINGS OF FACT AND OPINION                                      
                  GERBER, Judge:  Respondent determined a deficiency in                                  
            petitioners’ Federal income tax for 1991 of $39,697 and an                                   
            accuracy penalty in the amount of $7,939.                                                    
                  The issues for our consideration are:  (1) Whether                                     
            petitioners are entitled to nonrecognition treatment on the                                  
            $130,000 settlement payment received from Allstate Insurance Co.                             

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