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Petitioner reported the receipt of the first five lottery
installment payments as ordinary income on his Federal income tax
returns.
On February 7, 1997, petitioner and Mrs. Watkins were
divorced by order of the District Court, Park County, of the
State of Colorado. As part of the divorce settlement, the
district court awarded petitioner and Mrs. Watkins each one-half
interest in the future lottery installment payments as of May 3,
1998.
On or about April 10, 1998, petitioner entered into a
contract with Stone Street Capital, Inc. (Stone Street) to sell
and assign his one-half interest in the remaining lottery
installment payments beginning with the annual payment due on May
3, 1999. The remaining lottery installment payments were as
follows:
Year Amount
1999 $384,220
2000 398,436
2001 413,178
2002 428,465
2003 444,318
2004 460,756
2005 477,805
2006 495,483
2007 513,815
2008 532,826
2009 552,540
2010 572,983
2011 594,183
2012 616,167
2013 638,965
2014 662,606
2015 687,122
2016 712,545
2017 738,909
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Last modified: May 25, 2011