5
construe the statute and the agreement together and hold that "to
comply with the legislative purpose behind the workmen's
compensation exclusion in section 104(a)(1), section 4 should be
considered as part of the Warwick Code." We reject respondent's
contention. The express language of the regulations requires
that the payments be made under a statute and that the statute be
in the nature of a workmen's compensation act. Sec. 1.104-1(b),
Income Tax Regs. Our conclusion that the payments were made
pursuant to the statute coupled with respondent's concession that
the statute is in the nature of a workmen's compensation act
compels us to hold that petitioner's payments are excludable from
gross income.
All other arguments raised by the parties are either moot or
without merit. To reflect the foregoing,
Decision will be entered
for petitioner.
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Last modified: May 25, 2011