Harry L. Swaim v. Commissioner of Internal Revenue

WEICK, Circuit Judge.

The sole question presented in this case is whether petitioner, Harry L. Swaim, obtained gain under Section 453 (d) (1) of the Internal Revenue Code of 1954 1 in the taxable year 1962 when the Jefferson Circuit Court in Kentucky, in a decree of divorce, awarded to his wife, Mildred, as alimony, an installment note in the amount of $58,983.83.

The facts were stipulated and were summarized in the Tax Court’s opinion as follows, 50 T.C. 302:

“Harry married Mildred F. Swaim (hereinafter referred to as Mildred) on March 21, 1925. They were subsequently divorced. They remarried…