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STONE v. LYNCH

No. 340PA84.

325 S.E.2d 230 (1985)

Rudolph C. STONE and Audrey L. Stone v. Mark G. LYNCH, Secretary of the Department of Revenue.

Supreme Court of North Carolina.

January 30, 1985.

Attorney(s) appearing for the Case

Smith, Patterson, Follin, Curtis, James & Harkavy by J. David James, Greensboro, for plaintiffs-appellees.

Rufus L. Edmisten, Atty. Gen. by Myron C. Banks, Sp. Deputy Atty. Gen., Raleigh, for defendant-appellant.

MARTIN, Justice.

The question dispositive of this appeal is whether the strike benefits Mr. Stone received were gifts under N.C.G.S. 105-141(b)(3). This statute provides in part:

(b) The words "gross income" do not include the following items, which shall be exempt from taxation under this Division, but shall be reported in such form and manner as may be prescribed by the Secretary of Revenue: .... (3) The value of property acquired by...

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