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traits.8 Respondent objects to these stipulations on the grounds
that they are hearsay and lack relevance. We sustain
respondent's objections on the grounds that petitioner's personal
characteristics as described in these stipulations have no
bearing on whether the damages he received were on account of
personal injuries.
Respondent further objects to Joint Exhibits 3-C, 10-J, 12-L
and stipulation of facts paragraph No. 31 on the basis that each
merely contains excerpts from other more complete exhibits, and
thus is neither independently relevant or complete. We sustain
respondent's objections and note that the evidence remains
available elsewhere in the record. See Fed. R. Evid. 106, 401.
Finally, on the grounds of relevancy and hearsay, respondent
objects to joint exhibits 5-E and 11-K, which contain transcripts
of the closing arguments made by petitioner's attorney during the
second and third jury trial, respectively. We overrule
respondent's objections on this issue, for this Court considers
all the facts and circumstances, including arguments made at
trial, in determining whether a taxpayer received damages on
account of a personal injury under section 104(a)(2). Bent v.
Commissioner, 87 T.C. at 245. Furthermore, the closing arguments
are not hearsay because, as the stipulation of facts introducing
8 Stipulation of Facts, par. 25 states: “Mr. Gregg has been
described as an entrepreneur, a man who has imagination, and a
man with innovative ideas”.
Stipulation of Facts, par. 26 states: “Mr. Gregg is a
unique and creative business person”.
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