- 3 - Court of competent jurisdiction for an appropriate order assigning the lottery prize payments to Woodbridge Sterling Capital, LLC, or its assigns, in accordance with the terms of the Assignment. The Certificate of Marital Status was thereafter attached to a Lottery Prize Assignment Agreement dated September 18, 1997, between Nichols and Woodbridge Sterling Capital, LLC. Judicial approval of the lottery assignment was obtained on April 8, 1998. The sum of $250,000 was paid to Nichols for the assignment during 1998. Petitioner and Nichols filed a joint Federal income tax return for 1998 but did not report the sale of the lottery rights on that tax return. The petition in this case, filed by counsel on July 3, 2002, asserted: I disagree that I should be liable for any portion of the deficiency, as I did not know, or had no reason to know, of my former husband’s receipt of such proceeds and his failure to report the same. Facts supporting my position are more thoroughly described in my statement in support of Form 8857, Request for Innocent Spouse Relief, attached hereto as Exhibit A, which I have filed along with Form 8857. The attached Form 8857, Request for Innocent Spouse Relief, prepared by counsel, specifically disclaimed a request for equitable relief by inserting an “X” to indicate “No” in response to the question: Do you have an Underpayment of Tax (that is, tax that is properly shown on your return but not paid) or another tax liability that qualifies for Equitable Relief (see page 4)?Page: Previous 1 2 3 4 5 6 7 8 Next
Last modified: May 25, 2011