JAMAICA WATER SUPPLY CO. v. COMMISSIONER OF INT. REV.

No. 23.

125 F.2d 512 (1942)

JAMAICA WATER SUPPLY CO. v. COMMISSIONER OF INTERNAL REVENUE.

Circuit Court of Appeals, Second Circuit.

February 2, 1942.


Attorney(s) appearing for the Case

Harold Dudley Greeley, William R. Green, Jr., and Warren Leslie, Jr., all of New York City (Satterlee & Green, of New York City, of counsel), for petitioner.

Samuel O. Clark, Jr., Asst. Atty. Gen., and J. Louis Monarch and Newton K. Fox, Sp. Assts. to the Atty. Gen., for respondent.

Before L. HAND, SWAN, and CHASE, Circuit Judges.


CHASE, Circuit Judge.

The controversy is whether the sum of $575,000.00 in principal and interest which the petitioner was paid on July 25, 1934 by the City of New York under an agreement made in December 1933 to settle its suit against the City to recover the fair value of hydrant service it had furnished during the years 1923 to 1928, inclusive, was properly included by the Commissioner in the petitioner's gross income for its fiscal year ended June 30, 1934. The...

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