Hughes A. Bagley and Marilyn B. Bagley v. Commissioner of Internal Revenue

U.S. Court of Appeals, Eighth Circuit · Decided 1997-10-01

Cited by 122 later decision(s) in our corpus · see the citation network in Lexace

From the opinion

RICHARD S. ARNOLD, Chief Judge. In August 1987, Hughes Bagley settled an eight-year-old lawsuit against Iowa Beef Pro *394 cessors, Inc. (“IBP”), for $1.5 million. In their tax return for that year, Mr. Bagley and his wife, Marilyn Bagley, excluded the entire settlement amount from their taxable inc…

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