Schwartz v. Wisconsin Department of Revenue - Wisconsin Court of Appeals

Schwartz v. Wisconsin Department of Revenue

By Wisconsin Court of Appeals

  • Release Date - Published: 2002-09-11
  • Book Genre: Law
  • Author: Wisconsin Court of Appeals
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Schwartz v. Wisconsin Department of Revenue Wisconsin Court of Appeals read online review & book description:

1. Randall Schwartz appeals from a circuit court order affirming a decision and order of the Wisconsin Tax Appeals Commission (the Commission). The Commission determined that $112,278 of a $175,000 payment Schwartz received for the sale of his interest in Global Fastener & Supply, Inc. (Global), was taxable income paid in exchange for a covenant not to compete. The Commission further determined that the remainder of the payment was nontaxable income paid in exchange for a release of Schwartzs personal injury claims. On appeal, Schwartz contends that: (1) the Commission erred in failing to follow, or give sufficient weight to, the Internal Revenue Services (IRS) acceptance of Schwartzs allocation of the $175,000 payment; (2) the Commission otherwise erred in allocating the taxable and nontaxable portions of the payment; and (3) the Commission improperly denied his request for a rehearing. We reject Schwartzs arguments. We affirm the circuit court order upholding the Commissions decision and order.

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