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19, 1992, from Crawford and a settlement of $965,678 by letter
dated June 24, 1992, from Crawford. It was not until November 5,
1992, that du Pont announced that it had stopped paying Benlate
claims because it was not responsible for losses since Benlate
did not damage plants. Although du Pont made that announcement
in early November 1992, it did not require Mr. Henry in 1992 (or
at any other time) to repay the assistance payments that it had
made to him in 1991 and 1992. In fact, du Pont never required
any person to repay any assistance payments that it had made.
Although du Pont never issued a Form 1099 for any assistance
payment that it made and although its tax counsel advised du Pont
that it was not required to, and could not, issue such a form
with respect to any such payment, those facts do not control our
resolution of whether, under the facts established by the record
in this case and the applicable law, the $150,000 assistance
payment that du Pont made to Mr. Henry in 1992 is income for that
year.
Based on our examination of the entire record in this case,
we find that petitioner has failed to establish that the $150,000
assistance payment that du Pont made to him in early February
1992 is a gift or, in the alternative, a loan. We further find
on that record that petitioner has failed to show that the
$150,000 assistance payment is not income. See Commissioner v.
Glenshaw Glass Co., 348 U.S. 426 (1955). Moreover, assuming
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