Paul S. Lindsey, Jr. and Kristen L. Lindsey - Page 6

                                        - 6 -                                         
          September 22, 1996.  The termination agreement was signed by                
          petitioner on behalf of himself and EGC.                                    
               From September 22, 1996, through the time of the execution             
          of the termination agreement, neither petitioner nor any                    
          representative of petitioner or EGC provided a representative of            
          NGC or SYN with (1) substantiation of any medical expenses                  
          incurred by petitioner, (2) information as to any treatments or             
          medications prescribed for petitioner, or (3) an exact dollar               
          figure that would compensate petitioner for any personal injuries           
          petitioner claims to have suffered as a direct result of the                
          dispute.                                                                    
          Receipt of Settlement Proceeds; Federal Tax Return                          
               On or about December 17, 1996, petitioner received a check             
          from NGC in the amount of $2 million pursuant to the termination            
          agreement.  NGC did not issue a Form 1099 to petitioner with                
          respect to that payment.                                                    
               Petitioners requested an automatic 4-month extension to file           
          their 1996 tax return.  On January 15, 1998, petitioners filed              
          their 1996 tax return, on which they reported a tax liability of            
          zero.  Petitioners did not report the $2 million settlement                 
          proceeds.                                                                   










Page:  Previous  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  Next

Last modified: May 25, 2011