Linda Evans and Estate of Robert C. Evans, Jr., Deceased, Linda Evans, Executrix - Page 4

                                        - 4 -                                         

          $67,321, $85,604, and $81,096 from the respective years' income             
          because the deducted amounts were reported as income on the                 
          returns of an estate in bankruptcy (the estate).                            
               On October 28, 1983, Mr. Evans had filed for protection                
          under Chapter 11 of the Bankruptcy Code.  On September 29, 1988,            
          his case was converted to Chapter 7 of the Bankruptcy Code, and             
          his Chapter 7 proceeding continued throughout the subject years.            
          Throughout the proceedings in the bankruptcy court, Mr. Evans was           
          represented by experienced counsel, and Mr. Evans' position was             
          that the royalty income (as well as all of his assets) belonged             
          to him and not to the estate.  Randolph N. Osherow (Mr. Osherow),           
          an experienced bankruptcy attorney, was appointed trustee of the            
          estate in or before 1989, and he remained as trustee throughout             
          the subject years.  Mr. Osherow disagreed with Mr. Evans'                   
          position on the ownership of the royalties, as well as the                  
          ownership of Mr. Evans' other assets.  Sometime in 1989,                    
          Mr. Evans and Mr. Osherow settled their disagreement with the               
          former retaining most of his assets.  Following the settlement,             
          Mr. Osherow never attempted to recover any of the royalties that            
          had been paid to Mr. Evans; Mr. Osherow understood the settlement           
          agreement to provide that the royalties belonged to Mr. Evans.              
          The estate never received any of the royalties, and Mr. Osherow             
          never reported the royalties as income on the Federal income tax            
          returns that he filed for the estate.                                       





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

Last modified: May 25, 2011