Sharp v. Commissioner
United States Tax Court
In connection with a judgment rendered in a divorce proceeding, petitioner's former husband was ordered to pay her a lump sum. He appealed the judgment, and in accordance with the Kentucky Rules of Civil Procedure, he posted a supersedeas bond to stay execution on that part of the judgment ordering the lump-sum payment, which stay was to remain effective pending the outcome of the appeal. His appeal was partially successful and the amount of the lump-sum award was reduced.
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In connection with a judgment rendered in a divorce proceeding, petitioner's former husband was ordered to pay her a lump sum. He appealed the judgment, and in accordance with the Kentucky Rules of Civil Procedure, he posted a supersedeas bond to stay execution on that part of the judgment ordering the lump-sum payment, which stay was to remain effective pending the outcome of the appeal. His appeal was partially successful and the amount of the lump-sum award was reduced. However, under Kentucky law he was required to pay to petitioner an additional sum, denoted as damages, equal to 10…
1Opinion of the Court
OPINION
Dawson, Judge:
This is a companion case to Sharp v. Commissioner, 75 T.C. 21 (1980), decided this day.
Respondent determined a deficiency of $2,760.49 in petitioner’s Federal income tax for 1975. Due to concessions by the parties, the only issue for our decision is whether petitioner must include in her gross income supersedeas damages which her former husband was required to pay her as a consequence of having unsuccessfully appealed a portion of a monetary judgment awarded to her in a divorce proceeding.
The facts of this case have been fully stipulated pursuant to Rule 122, Tax Court…
2Cases cited6 opinions
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- James v. United StatesSupreme Court of the United States · 1961
- General American Investors Co. v. CommissionerSupreme Court of the United States · 1955
- Sharp v. SharpCourt of Appeals of Kentucky (pre-1976) · 1973
- Sharp v. SharpCourt of Appeals of Kentucky (pre-1976) · 1974
1 more not listed; retrieve them via the Exa API.
3Cited by3 opinions
- Sharp v. CommissionerUnited States Tax Court · 1980
- Sharp v. CommissionerUnited States Tax Court · 1980
- Sharp v. CommissionerUnited States Tax Court · 1980