- 6 - February 1, 1999 and on February 1, 2000. This portion of the alimony to be paid by the respondent shall not terminate upon either the death of the respondent or the remarriage of the petitioner. These alimony payments are due on the first day of February each year as set forth above and if not paid shall bear interest at the then current judgment rate as prescribed by the Nebraska Supreme Court. All alimony ordered herein shall be a judgment from the date of decree until paid in full or released. The divorce decree also generally incorporated the agreements contained in the other articles of the marital settlement. Petitioner made the $50,000 payment to Ms. Springer in 1996 in satisfaction of article 6 of the marital settlement and as ordered in the divorce decree. Petitioner timely filed Form 1040, U.S. Individual Income Tax Return, for 1996. On the Form 1040, petitioner claimed a deduction for alimony paid of $68,000.4 On or about June 6, 2000, respondent commenced his examination of petitioner’s 1996 return. On September 22, 2000, respondent issued a notice of deficiency to petitioner for the taxable year 1996. In the notice, respondent disallowed $50,000 of the claimed deduction for alimony paid on the ground that “Lump-sum cash or property 4Of this amount, $50,000 was attributable to the annual payment, and it appears that the remaining $18,000 was attributable to the monthly payments of $1,500 (12 months x $1,500 = $18,000).Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011