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:
“An inquiry about the attitude towards the release of so-called political prisoners. I should be very sorry to see the United States holding anyone in confinement on account of any opinion that that person might hold. It is a fundamental tenet of our institutions that people have a right to believe what they want to believe and hold such opinions as they want to hold without having to answer to anyone for their private opinion.”
—Calvin Coolidge (1872–1933)
“I have often repented speaking, but never of holding my tongue.”
—Xenocrates (396–315 B.C.)
“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)