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PREBOLA, N.K.A. v. C.I.R.

Docket No. 05-6953-ag.

482 F.3d 610 (2007)

Shirley B. PREBOLA, N.K.A. Shirley D. Begy, Petitioner-Appellant, v. COMMISSIONER OF INTERNAL REVENUE, Respondent-Appellee.

United States Court of Appeals, Second Circuit.

Decided: March 27, 2007.

Attorney(s) appearing for the Case

Gerald W. Dibble, Dibble, Miller & Burger, P.C., Rochester, NY, for Petitioner-Appellant.

Richard Farber and Regina S. Moriarty, Attorneys, Tax Division, United States Department of Justice (Eileen J. O'Connor, Assistant Attorney General, on the brief), Washington, DC, for Respondent-Appellee.

Before MESKILL, WINTER, and STRAUB, Circuit Judges.

PER CURIAM:

The issue in this case is whether lump-sum proceeds received from a sale of future interest in lottery payments should be characterized for income tax purposes as a capital gain or as ordinary income. The United States Courts of Appeals for the Third, Ninth, and Tenth Circuits, along with the United States Tax Court in numerous rulings, have all held that such proceeds are properly characterized as ordinary income...

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