Lawrence Robert Gamer - Page 10

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          Gamer remain bound to all obligations of the settlement agreement           
          in the event of the death of either individual.  Petitioner also            
          admitted at trial that he understood that under the terms of the            
          settlement agreement, in the event of Ms. Gamer’s prior death, he           
          would still be obligated to make the $37,000 payment to Ms.                 
          Gamer’s estate and Ms. Gamer’s estate would still be obligated to           
          transfer her interest in the marital residence to him.                      
               The fact that petitioner was required to make the $37,000              
          payment within 10 days of the execution of the settlement                   
          agreement is irrelevant.  In Webb v. Commissioner, T.C. Memo.               
          1990-540, the separation agreement provided, in part, that “The             
          Husband shall pay, simultaneously with the execution of this                
          Agreement, to the Wife, the sum of [$15,000]”.  We held that the            
          fact that the separation agreement provided that the husband                
          “shall pay” was sufficient to create a liability that would have            
          been enforceable by the ex-wife’s estate had she died after the             
          execution of the separation agreement but before payment by the             
          husband.  In Webb, it was of no consequence that the husband’s              
          payment was made simultaneously with the execution of the                   
          separation agreement.                                                       

               We find that the terms of the settlement agreement provide             
          that petitioner would still be required to make the $37,000                 
          payment in the event of Ms. Gamer’s prior death.  Accordingly,              
          the $37,000 payment from petitioner to Ms. Gamer fails to satisfy           





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