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Stevan Brandriet.
FINDINGS OF FACT
Some of the facts have been stipulated and are so found.
The stipulated facts and the accompanying exhibits are
incorporated into our findings by this reference. At the time
the petition in this case was filed, petitioners resided in
Watertown, South Dakota.
On September 18, 1989, petitioners filed suit against
Norwest Bank S.D., N.A. (Norwest) for rejection of petitioners'
application for a Veterans' Administration home mortgage loan.
The original complaint alleged fraudulent misrepresentation,
negligent misrepresentation, and negligent processing of the
application. The pleadings were later amended to include claims
of intentional infliction of emotional distress and punitive
damages. After an 8-day trial, the jury returned a verdict
holding Norwest liable for negligent processing, fraudulent
misrepresentation, and negligent misrepresentation; however,
Norwest was found not liable for intentional infliction of
emotional distress. Petitioners were awarded $41,453.22 in
compensatory damages and $200,000 in punitive damages. The
verdict was affirmed on appeal. See Brandriet v. Norwest Bank
S.D., N.A., 499 N.W.2d 613 (S.D. 1993).
Petitioners received the punitive damages in 1993; however,
they did not report any of this amount on their 1993 Federal
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