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MEGARGEL v. COMMISSIONER

Docket No. 110138.

3 T.C. 238 (1944)

MARGERY K. MEGARGEL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated February 10, 1944.

Attorney(s) appearing for the Case

Allin H. Pierce, Esq., for the petitioner.

Henry C. Clark, Esq., for the respondent.

This proceeding involves a redetermination of a deficiency of $43,929.07 in income tax for 1939.

The issues presented are: Whether $120,000 received by the petitioner in settlement of litigation constitutes ordinary income, or gain upon sale of capital assets; and, if capital gain, what is the basis thereof; whether $5,000 was received in the settlement, or upon sale of capital assets; and whether the petitioner may deduct...

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