Legal Opinion
Watkins v. Commissioner of Internal Revenue
Court of Appeals for the Tenth Circuit
Decided May 10, 2006No. 04-9016PublishedCited by 8 opinions
1Opinion of the Court
SEYMOUR, Circuit Judge.
Taxpayer Roger L. Watkins won over $12 million in the Colorado State Lottery, which he was to receive in twenty-five annual payments. After receiving six installments, Mr. Watkins sold his interest in the remaining payments to a third party for a lump sum and claimed the sale resulted in a capital gain. The Internal Revenue Service (I.R.S.) disagreed, asserting the proceeds from the sale should be characterized as ordinary income. In subsequent litigation, the tax court agreed with the J.R.S.’s position. See Watkins v. C.I.R., T.C.M. (RIA) 2004-244 (T.C.2004). Mr.…
2Cases cited14 opinions
- Commissioner v. P. G. Lake, Inc.Supreme Court of the United States · 1958
- Commissioner v. GroetzingerSupreme Court of the United States · 1987
- Hort v. CommissionerSupreme Court of the United States · 1941
- Commissioner v. Gillette Motor Transport, Inc.Supreme Court of the United States · 1960
- United States v. Midland-Ross Corp.Supreme Court of the United States · 1965
9 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Sherrel v. CommissionerCourt of Appeals for the Tenth Circuit · 2009
- Tempel v. Comm'rUnited States Tax Court · 2011
- Womack v. Commissioner of IRSCourt of Appeals for the Eleventh Circuit · 2007
- In Re O'RourkeUnited States Bankruptcy Court, W.D. New York · 2006
- Shirley B. Prebola, N.K.A. Shirley D. Begy v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 2007
3 more not listed; retrieve them via the Exa API.