-2-
income taxes with additions thereto totaling approximately
$331,202.39.2 Respondent has filed a motion for summary judgment
under Rule 121, to which petitioner has not responded. We shall
grant respondent’s motion for summary judgment.
Background
Petitioner won the lottery in 1997. In 1998, she sold for
$1,705,000 a portion of her interest in the future lottery
payments and reported the sales price as capital gains income on
her 1998 Federal income tax return. Following an audit,
respondent determined that this amount was taxable as gambling
income at ordinary income tax rates. A notice of deficiency
reflecting this determination was issued on March 19, 2002.
Petitioner did not petition this Court with respect to the
notice.
On August 5, 2002, petitioner’s tax liability was assessed
as determined in the notice of deficiency. When she failed to
pay the amount due, respondent issued a notice of intent to levy
on February 7, 2003. She timely requested a section 6330
hearing, which Appeals conducted telephonically with her
designated representative. During this hearing, petitioner
1(...continued)
references are to the Tax Court Rules of Practice and Procedure.
2 We say “approximately” as these amounts were computed
before the present proceeding and have since increased on account
of interest.
Page: Previous 1 2 3 4 5 Next
Last modified: May 25, 2011