Clarence William Speer & Susan M. Speer v. Commissioner

Halpern, Judge:

Respondent determined deficiencies of $14,832 and $68,179 in petitioners’ 2008 and 2009 Federal income tax, respectively. The only issue remaining for decision is whether petitioners may exclude from their 2009 gross income as workmen’s compensation a lump-sum payment that petitioner husband (Mr. Speer) received on account of unused vacation time and sick leave. All other issues have been settled or are merely computational.

Unless otherwise stated, all section references are to the Internal Revenue Code of 1986, as amended and in effect for 2009. All dollar amounts and numbers…