Venable v. Comm'r
United States Tax Court
On Aug. 26, 1994, P filed a malicious prosecution lawsuit in Texas against a former business associate. After trial to a jury, P was awarded a favorable verdict and judgment in August of 1996. A State appellate court affirmed, and the Texas Supreme Court denied review in 1998. The former business associate then satisfied the judgment by means of a check dated Oct. 29, 1998. Held : Sec. 104, I.R.C., as amended by the Small Business Job Protection Act of 1996, Pub.
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On Aug. 26, 1994, P filed a malicious prosecution lawsuit in Texas against a former business associate. After trial to a jury, P was awarded a favorable verdict and judgment in August of 1996. A State appellate court affirmed, and the Texas Supreme Court denied review in 1998. The former business associate then satisfied the judgment by means of a check dated Oct. 29, 1998. Held : Sec. 104, I.R.C., as amended by the Small Business Job Protection Act of 1996, Pub. L. 104-188, sec. 1605, 110 Stat. 1838, is applicable to determine excludability from gross income of the damages P received. Held,…
1Opinion of the Court
SANDRA G. VENABLE, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Venable v. Comm'r
No. 10888-02
United States Tax Court
T.C. Memo 2003-240; 2003 Tax Ct. Memo LEXIS 238; 86 T.C.M. (CCH) 254;
August 13, 2003, Filed
Petitioner was not entitled under section 104 to exclude from income any portion of payment she received pursuant to malicious prosecution lawsuit.
On Aug. 26, 1994, P filed a malicious prosecution lawsuit
in Texas against a former business associate. After trial to a
jury, P was awarded a favorable verdict and judgment in August
of 1996. A State appellate court affirmed, and the…
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