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SWASTIKA OIL & GAS CO. v. COMMISSIONER OF INTERNAL REV.

No. 8698.

123 F.2d 382 (1941)

SWASTIKA OIL & GAS CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Sixth Circuit.

November 6, 1941.

Attorney(s) appearing for the Case

Harry C. Kinne, of Chicago, Ill. (Kinne, Scovel, Robson & Murphy and Harry C. Kinne, all of Chicago, and Michael J. Sporrer, of Milwaukee, Wis., on the brief), for petitioner.

Louise Foster, Sp. Asst. to Atty. Gen. (Samuel O. Clark, Jr., Asst. Atty. Gen., and Sewall Key, and Louise Foster, Sp. Assts. to Atty. Gen., on the brief), for respondent.

Before HICKS, SIMONS, and McALLISTER, Circuit Judges.

SIMONS, Circuit Judge.

The respondent determined a deficiency in the petitioner's income tax return for 1935. It was based upon the receipt by the petitioner of a sum in compromise settlement of litigation pursued by the petitioner in the courts of Michigan. Two questions arise. The first is whether the payment was income or the restoration of a capital loss. The second is whether the payment was income in the tax year when it was received, or, the taxpayer making...

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