United States Eleventh Circuit

Tax court's decision that proceeds from the sale of the rights to future installment payments from lottery winnings are taxable as ordinary income, rather than at the lower tax rate applied to the sale of a long term capital asset is affirmed as the substitute for ordinary income doctrine applies to Lottery Rights, and therefore proceeds from the sale of Lottery Rights are taxable as ordinary income.

Appellate Information

• Decided 12/19/2007
• Published 12/19/2007

Judges

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

Court

• United States Eleventh Circuit

Counsel

• For Appellant:
  
• Steven M. Kwartin, Steven Kwartin, P.A., Hollywood, FL, for Appellants.


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