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BAGLEY v. C.I.R.

No. 96-1768.

121 F.3d 393 (1997)

Hughes A. BAGLEY and Marilyn B. Bagley, Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Appellee.

United States Court of Appeals, Eighth Circuit.

Decided August 6, 1997.

Rehearing and Suggestion for Rehearing Denied October 1, 1997.

Attorney(s) appearing for the Case

Mark Arth, Sarasota, FL, argued, for appellants.

Edward T. Perelmuter, Department of Justice, Washington, DC, argued (Bruce R. Ellison, on the brief), for appellee.

Before RICHARD S. ARNOLD, Chief Judge, HENLEY, Senior Circuit Judge, and WOLLMAN, Circuit Judge.

Rehearing and Suggestion for Rehearing En Banc Denied October 1, 1997.

RICHARD S. ARNOLD, Chief Judge.

In August 1987, Hughes Bagley settled an eight-year-old lawsuit against Iowa Beef Processors, Inc. ("IBP"), for $1.5 million. In their tax return for that year, Mr. Bagley and his wife, Marilyn Bagley, excluded the entire settlement amount from their taxable income. The Commissioner determined that $1,305,000 of...

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