WSB Liquidating Corporation - Page 13

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          of any modifications in the payments mandated outside of the                
          Pension Agreement’s terms.  We therefore reject petitioner’s                
          claim that the Pension and Settlement Agreements were separate              
          and independent.  In light of their contemporaneous execution and           
          interrelated terms, we find that both the Pension Agreement and             
          the Settlement Agreement governed the payments at issue in this             
          case and both are therefore relevant in ascertaining the nature             
          of the payments.                                                            
               The Settlement Agreement by its terms constituted a                    
          settlement of Barbara’s and Walter’s “respective rights and                 
          obligations against and to one another” in connection with their            
          marriage and “a partition of all marital property”.  The                    
          Settlement Agreement acknowledges that “Husband and/or Wife have            
          an interest” in petitioner and contains a detailed disposition              
          thereof.  The transfer to Barbara of one-half of Walter’s 80-               
          percent stock interest in petitioner is required.  The Settlement           
          Agreement then acknowledges petitioner’s obligation to make                 
          payments to Barbara under the Pension Agreement and in the same             
          section obligates Walter to cause petitioner to provide Barbara             
          certain additional “benefits” including the use of two                      
          automobiles of her choosing, together with fuel, maintenance, and           
          payment of Barbara’s income tax liability arising from receipt of           
          the foregoing, as well as health insurance comparable to that               

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Last modified: May 25, 2011