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SRIVASTAVA v. C.I.R.

No. 99-60437.

220 F.3d 353 (2000)

Sudhir P. SRIVASTAVA and Elizabeth S. Pascual, Petitioners-Appellants, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Fifth Circuit.

July 19, 2000.

Attorney(s) appearing for the Case

Michael Dale Cropper (argued), Midland, TX, for Petitioners-Appellants.

Kenneth W. Rosenberg (argued), Richard Bradshaw Farber, U.S. Dept. of Justice, Tax Div., Washington, DC, for C.I.R.

Henry Binder, Porter & Hedges, Houston, TX, for Texas Trial Lawyers Ass'n, Amicus Curiae.

Before POLITZ, SMITH and DENNIS, Circuit Judges.

JERRY E. SMITH, Circuit Judge:

This challenge to a notice of deficiency requires us to determine whether the portion of a judgment or settlement payable to a taxpayer's attorney pursuant to a contingent fee agreement governed by Texas law constitutes gross income under § 61 of the Internal Revenue Code, 26 U.S.C. § 61. Following Cotnam v. Commissioner, 263 F.2d 119 (5th Cir.1959), which excluded from gross income...

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