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SYPHRETT v. COMMISSIONER

Docket No. 16340-95.

74 T.C.M. 1267 (1997)

T.C. Memo. 1997-529

Bobby E. Syphrett and Janice D. Syphrett v. Commissioner.

United States Tax Court.

Filed November 24, 1997.

Attorney(s) appearing for the Case

David C. Allie, Houston, Tex., and Walter B. Thurmond, for the petitioners. Richard T. Cummings, for the respondent.

MEMORANDUM OPINION

LARO, Judge:

The parties submitted this case to the Court without trial. See Rule 122. Petitioners petitioned the Court to redetermine respondent's determination of a $126,510 deficiency in their 1989 Federal income tax. Following certain concessions by petitioners, we must decide whether their 1989 gross income includes certain proceeds that they received in settlement of a lawsuit. We hold it does. Section references are to the Internal...

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