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:
“Things base and vile, holding no quantity,
Love can transpose to form and dignity.
Love looks not with the eyes, but with the mind,
And therefore is winged Cupid painted blind.”
—William Shakespeare (1564–1616)
“Golf is a fine relief from the tensions of office, but we are a little tired of holding the bag.”
—Adlai Stevenson (1900–1965)
“I found a dimpled spider, fat and white,
On a white heal-all, holding up a moth
Like a white piece of rigid satin cloth—
Assorted characters of death and blight”
—Robert Frost (1874–1963)