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The trial court signed a judgment on August 26, 1996, in the
amount of $524,760, which included the damages determined by the
jury and prejudgment interest.
Thereafter, Mr. Thrift posted a supersedeas bond and
appealed to the Court of Appeals, Fourth District, San Antonio,
Texas. On February 25, 1998, the appellate court delivered and
filed its opinion affirming the judgment of the trial court.
Thrift v. Hubbard, 974 S.W.2d 70 (Tex. App. 1998). A motion for
rehearing filed by Mr. Thrift was denied on May 6, 1998. Mr.
Thrift then filed a petition for review with the Texas Supreme
Court, which was denied on October 15, 1998.
By means of a cashier’s check dated October 29, 1998, and
made payable to petitioner and her attorney, Mr. Thrift remitted
$641,984.63 in satisfaction of the judgment. From this sum,
petitioner received a direct payment of $317,824.94 in net
proceeds. That amount represented petitioner’s 50-percent share
of the recovery after deduction of $2,417.38 in expenses paid by
her attorney and $750 in expert witness’s fees. Mr. Riley
received a corresponding $320,992.31.
On May 12, 1999, petitioner signed a Form 1040, U.S.
Individual Tax Return, for 1998. The return was received by the
Internal Revenue Service on May 16, 1999. Therein, petitioner
reported as income “lawsuit proceeds” of $107,424.83. She did
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