- 4 - 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 didPage: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 Next
Last modified: May 25, 2011