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:
“It’s frightening how easy it is to commit murder in America. Just a drink too much. I can see myself doing it. In England, one feels all the social restraints holding one back. But here, anything can happen.”
—W.H. (Wystan Hugh)
“For support, I fall back on my heart. Has a man any fault a woman cannot weave with and try to change into something better, if the god her man prays to is a mother holding a baby?”
—Haniel Long (1888–1956)
“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)