United States Second Circuit
Prebola vs Commissioner of Internal Revenue, 05-6953
Holding by tax court that a lump-sum payment received by a lottery winner in exchange for the right to receive future annual lottery payments is ordinary income and not capital gain is affirmed as the right to future lottery installment payments does not constitute a "capital asset" within the meaning of section 1221 of the Internal Revenue Code.
Appellate Information
- Decided 03/27/2007
- Published 03/27/2007
Judges
- PER CURIAM:, Before MESKILL, WINTER, and STRAUB, Circuit Judges.
Court
- United States Second Circuit
Counsel
- For Appellant:
- Gerald W. Dibble, Dibble, Miller & Burger, P.C., Rochester, NY, for Petitioner-Appellant.
- For Appellees:
- 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.