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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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