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U.S. v. MAGINNIS

No. 02-35664.

356 F.3d 1179 (2004)

UNITED STATES of America, Plaintiff-Appellee, v. J. Michael MAGINNIS; Janet Y. Maginnis, Defendants-Appellants.

United States Court of Appeals, Ninth Circuit.

Filed January 30, 2004.

Attorney(s) appearing for the Case

Glen J. MacGrady, MacGrady Law Offices, New Milford, CO, for the defendants-appellants.

Joel McElvain, United States Department of Justice, Tax Division, Washington, DC, for the plaintiff-appellee.

Before: TROTT, FISHER and GOULD, Circuit Judges.

FISHER, Circuit Judge:

In 1991, taxpayer J. Michael Maginnis won $9 million from the Oregon state lottery, payable in 20 annual installments of $450,000. After receiving five such payments, he assigned his right to the remaining lottery installments to a third party in 1996 for a lump sum payment discounted to $3,950,000. Initially, he reported this lump sum payment as ordinary income on his joint tax return. In 1998, however, he filed a refund claim, arguing that...

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