v3224-718

Document Title Page

UNITED STATES

COURT OF APPEALS

FOR THE NINTH CIRCUIT

/TON F. LOUNSBURY and

IRRAINE M. LOUNSBURY,

Petitioners,

vs.

IMMISSIONER OF INTERNAL REVENUE,

Respondent.

PETITIONERS 1 ALTON F. LOUNSBURY

AND LORRAINE M LOUNSBURY

PETITION FOR REHEARING

Comes now the petitioners and respectfully petition this

morable Court for a rehearing in the above entitled matter for

le following reasons.

  1. It is respectfully submitted that the Court erred in

including that petitioner's $10,000 obligation to his former

.fe was to be met by a "lump sum payment" as distinguished from

eriodic payments" by which the wife shared in the husband's

icome, and by concluding that such payment was to be accomplished

r a "capital transfer". The evidence discloses, and the Tax

urt found, that the taxpayer had little if any assets or "capital"

I the date of divorce. He did not have $10,000. His obligation

pay the $10,000 could only be discharged out of his future


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