- 3 -
instrument, each releasing the other of and from all
claims and demands for anything whatsoever in the
future, including, but not limited to, alimony and
separate maintenance, regardless of the future income
of the husband and wife.
* * * * * * *
14. Parties Bound. This Settlement Agreement
shall be binding upon the heirs, legatees, devisees,
administrators, and personal representatives of the
parties hereto and, in the event of the death of either
of the parties of this Settlement Agreement while said
Settlement Agreement is in force and effect, the estate
of said deceased party shall be obligated and
responsible for the performance of the obligations and
conditions of this Settlement Agreement.
* * * * * * *
18. Marital Residence. The parties jointly own
as tenants by the entireties a certain single family
residence * * *. Within ten days of the execution of
this Agreement, the husband shall pay to the wife in
current cash funds the sum of $37,000 representing the
wife’s interest in this residence. Contemporaneous
with the transfer of these funds, the wife shall
execute a quit-claim deed conveying to the husband all
of her right, title and interest in this property.
The provisions of the settlement agreement were incorporated
into a Final Judgment of Dissolution of Marriage.
On March 7, 2000, petitioner issued a check payable to Ms.
Gamer in the amount of $37,000. Petitioner wrote “Settlement” on
the memo section of the check.
Petitioner filed Form 1040, U.S. Individual Income Tax
Return, for the taxable year 2000. On his 2000 return,
petitioner claimed a deduction in the amount of $37,000 for
“alimony paid” to Ms. Gamer.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 Next
Last modified: May 25, 2011