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WOMACK v. COMMISSIONER OF IRS

Nos. 07-11568, 07-11569.

510 F.3d 1295 (2007)

Roland WOMACK, Marie Womack, Petitioners-Appellants, v. COMMISSIONER OF IRS, Respondent-Appellee. Anastasios Spiridakos, Maria Spiridakos, Petitioners-Appellants, v. Commissioner of IRS, Respondent-Appellee.

United States Court of Appeals, Eleventh Circuit.

December 19, 2007.

Attorney(s) appearing for the Case

Steven M. Kwartin, Steven Kwartin, P.A., Hollywood, FL, for Appellants.

Regina S. Moriarty, Richard Farber, U.S. Dept. of Justice, App. Tax Div., Washington, DC, for Appellee.

Before EDMONDSON, Chief Judge, DUBINA, Circuit Judge, and MARTIN, District Judge.

MARTIN, District Judge:

This is an appeal by Florida State Lottery winners from the United States Tax Court's decision that proceeds from the sale of the rights to future installment payments from lottery winnings ("Lottery Rights") are taxable as ordinary income, rather than at the lower tax rate applied to the sale of a long term capital asset. The Tax Court specifically held that Lottery Rights are not capital assets as defined in 26 U.S.C. § 1221 ("Section...

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