Fairbanks v. Commissioner Internal Revenue

JAMES ALGER FEE, District Judge. Petitioner was married to Frederick C. Fairbanks. On November 26, 1938, she was granted a divorce, and has not remarried. Fairbanks died May 22, 1940, and his will was probated in Indiana. Before the divorce, an agreement was entered into settling property rights, whereby petitioner was to be paid monthly payments of $1250, secured by certain stock in a newspaper company. The District Court of Nevada, in the decree of divorce, approved the settlement agreement, but reserved jurisdiction to increase or decrease the amount of the monthly payments provided for by the agreement.