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DAVIS v. COMMISSIONER

Docket No. 6389-01.

119 T.C. 1 (2002)

119 T.C. No. 1

JAMES F. DAVIS AND DOROTHY A. DAVIS, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed July 3, 2002.

Attorney(s) appearing for the Case

Donald J. Gary, Jr., for petitioners.

Thomas J. Fernandez, for respondent.

OPINION

CHIECHI, Judge:

Respondent determined a deficiency in petitioners' Federal income tax (tax) for 1997 in the amount of $210,166.

We must determine whether the amount that petitioners received in exchange for the assignment of their right to receive a portion of certain future annual lottery payments is ordinary income or capital gain.1 We hold that that amount is ordinary income.

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