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LEMASTERS v. C.I.R.

No. 71-1540.

466 F.2d 789 (1972)

Forest LEMASTERS, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Seventh Circuit.

Decided August 10, 1972.

Attorney(s) appearing for the Case

F. Pen Crosby, Indianapolis, Ind., for petitioner-appellant.

Fred B. Ugast, Acting Asst. Atty. Gen., Virginia H. Gallagher, Meyer Rothwacks, Loring W. Post, Virginia M. Hopkinson, Attys., Tax Div., Dept. of Justice, Washington, D. C., for respondent-appellee.

Before CLARK, Associate Justice, SPRECHER, Circuit Judge, and CAMPBELL, District Judge.

SPRECHER, Circuit Judge.

We are asked to reconsider the Tax Court's conclusion that certain payments made by a husband to his wife under a separation agreement are installment payments of a principal sum not deductible on his federal income tax return.

The taxpayer and Myrtle M. Lemasters were married in 1924 and separated in 1950. On March 12, 1953, they entered an agreement whereby the taxpayer would pay his wife half the net profits for the rest of her...

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