- 3 - 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 738,909Page: Previous 1 2 3 4 5 6 7 8 9 10 Next
Last modified: May 25, 2011