- 3 - each week hereafter through July, 2002. Said alimony payments shall be received by the Wife directly from Husband’s payment from the ABC Insurance Center. Should the Husband die prior to the full payment of this alimony, the Wife shall continue to receive said payment directly from ABC Insurance Center through the term of the contract. The Circuit Court issued an Agreed Final Decree in September 1992 which changed some provisions in the original Dissolution Agreement--mostly those dividing marital property--but left intact the paragraph requiring Rogers to pay $225/week through July 2002. The parties stipulated all the facts, including the fact that the payments continued to be made throughout 2000, and the case was submitted for decision under Rule 122.2 Discussion Payments incident to a divorce traditionally fell into one of two categories for Federal tax law: property settlements or alimony. Property settlements are a division of marital property, and for many years have been neither deductible from the income of the paying spouse nor includible in the income of the receiving spouse. Alimony is a division of income, and for many years has been deductible by the paying spouse and includible by the receiving spouse. See, e.g., Yoakum v. 2 All Rule references are to the Tax Court Rules of Practice and Procedure, and all section references are to the Internal Revenue Code as in effect for 2000, unless otherwise noted.Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 Next
Last modified: May 25, 2011