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ARCADIA REFINING CO. v. COMMISSIONER OF INTERNAL REVENUE

No. 9778.

118 F.2d 1010 (1941)

ARCADIA REFINING CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Fifth Circuit.

April 2, 1941.

Attorney(s) appearing for the Case

Frank Bezoni, of Tyler, Tex., for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., Samuel H. Levy, Sewall Key, and Mamie S. Price, Sp. Assts. to Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and Ellyne E. Strickland, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent.

Before SIBLEY, HUTCHESON, and HOLMES, Circuit Judges.

HOLMES, Circuit Judge.

The question is whether certain money received by the petitioner in settlement of its law suit against its unfaithful officer and others was income under Section 22 of the Revenue Act of 1934, 26 U.S.C.A. Int.Rev.Acts, page 669. The Board of Tax Appeals found that $105,000 was received by petitioner; that $21,260.18 of it represented a return of capital; and that the balance of $83,739.82 was a recovery...

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