Price v. Commissioner
United States Tax Court
A property settlement agreement incident to a Texas divorce provided for payment to the wife by the husband of $ 23,000 to be evidenced by a promissory note payable at the rate of $ 300 a month with the right of prepayment in full at any time, the note to be secured by a life insurance policy on the husband's life in the amount of the unpaid balance.
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A property settlement agreement incident to a Texas divorce provided for payment to the wife by the husband of $ 23,000 to be evidenced by a promissory note payable at the rate of $ 300 a month with the right of prepayment in full at any time, the note to be secured by a life insurance policy on the husband's life in the amount of the unpaid balance. The agreement further provided that in the event custody of the children born of the marriage was changed to vest in the wife, the monthly payments on the note might be decreased in an amount equivalent to 50 percent of the sums paid by the…
1Opinion of the Court
OPINION
Scott, Judge:
Kespondent determined statutory deficiencies in petitioner’s income taxes for the calendar years 1962 and 1963 in the amounts of $1,330.34 and $1,534.34, respectively.
The issue for decision is whether petitioner is entitled -to deductions in the amounts of $3,000 in 1962 and $3,600 in 1963 as alimony payments to his former wife.
All of the facts have been stipulated and are found accordingly.
Petitioner, an individual who resided at the date of the filing of the petition in this case in Dallas, Tex., filed his individual Federal income tax returns for the calendar years 1962…
2Cases cited7 opinions
- Francis v. FrancisTexas Supreme Court · 1967
- Hogg v. CommissionerUnited States Tax Court · 1949
- James B. Taylor and Tevis Bennett Taylor v. Ellis Campbell, Jr., District Director of Internal RevenueCourt of Appeals for the Fifth Circuit · 1964
- Ex Parte JonesTexas Supreme Court · 1962
- Scofield, Collector of Internal Revenue v. GreerCourt of Appeals for the Fifth Circuit · 1950
2 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Thompson v. CommissionerUnited States Tax Court · 1968
- Gammill v. CommissionerUnited States Tax Court · 1980
- Yoakum v. CommissionerUnited States Tax Court · 1984
- Mann v. CommissionerUnited States Tax Court · 1980
- Young v. CommissionerUnited States Tax Court · 1972
16 more not listed; retrieve them via the Exa API.