David K. and Elizabeth Simpson - Page 1

                                 T.C. Memo. 2003-155                                  

                               UNITED STATES TAX COURT                                

                   DAVID K. AND ELIZABETH SIMPSON, Petitioners v.                     
                    COMMISSIONER OF INTERNAL REVENUE, Respondent                      

               Docket No. 191-02.                Filed May 28, 2003.                  

               Kevin G. Staker, for petitioners.                                      
               Linette B. Angelastro, for respondent.                                 

                                 MEMORANDUM OPINION                                   

               GOEKE, Judge:  Respondent determined a deficiency in                   
          petitioners’ 1998 Federal income tax of $879,060.  The sole issue           
          for decision is whether a lump-sum amount received in exchange              
          for the assignment of the right to receive a portion of certain             
          future annual lottery payments is ordinary income or capital                

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