Stone v. Lynch

Believing that the strike benefits paid to Mr. Stone under the facts of this case do not constitute a “gift,” I respectfully dissent. I am convinced that the strike benefits paid here are taxable income under both state and federal law. The trial court correctly concluded from the evidence that the payments to Mr. Stone were not gifts, and were therefore taxable income.

G.S. § 105-141(a) defines “gross income” as “all income in whatever form and from whatever source derived.” “Net income” *746is “gross income less deductions” N.C.G.S. § 105-140, and the individual income tax is imposed upon the…