- 13 - funds at some future point” will not suffice to take the transaction out of the ambit of the claim of right doctrine. Professional Insurance Agents v. Commissioner, 78 T.C. 246, 270 (1982), and cases there cited, affd. 726 F.2d 1097 (6th Cir. 1984). Secondly, petitioner does not enlighten us as to what it was that he recognized so that we might judge whether that amounted to a fixed and not a contingent obligation. Nor does petitioner enlighten us as to whether this “implied consensual recognition” was formed in 1996 and not at a later date. Nor does petitioner enlighten us as to what provisions for repayment, if any, he made in 1996. Cf. Nordberg v. Commissioner, 79 T.C. at 662-663, 665- 666. Thirdly, petitioner states that the bankruptcy court’s decision “caused the realization of the pre-existing obligation to repay Jane Parker”. It is far from clear what this is intended to mean. It suggests that the “pre-existing obligation” was not “real” until the bankruptcy court entered the consent order on February 4, 2000. That in turn suggests that, in 1996, there was not any existing and fixed obligation to repay; it further suggests that, if there was any 1996 “implied consensual recognition” of anything, then that implied consensual recognition may have been an understanding that the $100,000 might have to be repaid if petitioner got caught.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 Next
Last modified: May 25, 2011