Holding
Zarin realized no income from the settlement for two reasons. First, the Federal Income Tax Code provisions covering discharge of debt were inapplicable since the situation failed to meet the definitional requirements of section 108(d)(1). Second, the settlement of Zarin's gambling debts constituted a "contested liability."
Read more about this topic: Zarin V. Commissioner
Famous quotes containing the word holding:
“O, she walked unaware of her own increasing beauty
That was holding men’s thoughts from market or plough,”
—Patrick MacDonogh (1902–1961)
“The car as we know it is on the way out. To a large extent, I deplore its passing, for as a basically old- fashioned machine, it enshrines a basically old-fashioned idea: freedom. In terms of pollution, noise and human life, the price of that freedom may be high, but perhaps the car, by the very muddle and confusion it causes, may be holding back the remorseless spread of the regimented, electronic society.”
—J.G. (James Graham)
“The slogan offers a counterweight to the general dispersion of thought by holding it fast to a single, utterly succinct and unforgettable expression, one which usually inspires men to immediate action. It abolishes reflection: the slogan does not argue, it asserts and commands.”
—Johan Huizinga (1872–1945)