Francis G. Laguaite - Page 2




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          $76,740 that petitioner received upon termination from his former             
          employer is excludable from petitioner’s 1995 gross income                    
          pursuant to section 104(a)(2).2  We hold that it is not.                      


                                   FINDINGS OF FACT                                     
               The parties have stipulated some of the facts, which are                 
          incorporated in our findings by this reference.  Petitioner                   
          resided in Stone Mountain, Georgia, when he filed his petition.               
               On September 20, 1994, petitioner received a phone call from             
          his employer of 29 years, Air Products and Chemicals, Inc. (APC),             
          informing him that he was to be terminated.  Petitioner was 55                
          years old at the time.                                                        
               On or about October 3, 1994, APC sent petitioner an                      
          unexecuted Agreement and General Release form (the release).                  
          The release stated that petitioner would receive a “cash                      
          termination payment equivalent to two weeks’ base pay for each                
          year and partial year of completed continuous service with the                
          Company, in consideration of * * * [petitioner’s] execution” of               
          the release.  The release stated that petitioner agrees to                    

               1(...continued)                                                          
          dividend income should be increased by $21.  Petitioner has not               
          addressed this issue, and we deem him to have conceded it.                    
               2 Unless otherwise indicated, all section references are to              
          the Internal Revenue Code in effect for the year at issue, and                
          all Rule references are to the Tax Court Rules of Practice and                
          Procedure.                                                                    





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