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Petitioners Year Deficiency
Roland & Marie Womack 2000 $235,852
Anastasios & Maria
Spiridakos 2000 1425,678
1 For the Spiridakoses’ 2000 tax year, respondent also
determined that because of their failure to timely pay the amount
shown as tax on the return, they were liable for an addition to
tax under sec. 6651(a)(2), but the amount was left for
computation at a later date.
All section references are to the Internal Revenue Code,
and all Rule references are to the Tax Court Rules of Practice
and Procedure, unless otherwise indicated.
Background
Roland and Marie Womack--The Womacks resided in Hilliard,
Florida, at the time their petition was filed. On or about
January 20, 1996, Roland Womack won a portion of an $8 million
prize from the Florida State Lottery. Consequently, he became
entitled to receive 20 annual $150,000 payments, less mandatory
Federal withholding tax, from the Florida State Lottery. The
first payment was scheduled for January 20, 1996, and 19
subsequent installments were to be made on February 15 of each
successive year. Mr. Womack paid $1 to purchase his lottery
ticket, which entitled him to participate in the biweekly Florida
State Lottery drawing. The selection of the number on his
lottery ticket entitled him to a share of that drawing’s jackpot.
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Last modified: May 25, 2011