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SERPA v. COMMISSIONER

Docket No. 8209-94.

76 T.C.M. 1060 (1998)

T.C. Memo. 1998-453

Manuel J. Serpa, Jr. and Patricia A. Serpa v. Commissioner.

United States Tax Court.

Filed December 28, 1998.

Attorney(s) appearing for the Case

Lewis J. Paras, for the petitioners. Carmino J. Santaniello, for the respondent.

MEMORANDUM OPINION

COLVIN, Judge:

Respondent determined that petitioners had a $12,017 deficiency in income tax for 1991. The sole issue for decision is whether part of the $150,000 petitioners received in settlement of a tort action is prejudgment interest, and, if so, whether it is excludable from gross income as damages for a personal injury under section 104(a)(2). We hold that $42,910 (28.61 percent of the $150,000 payment)1

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