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BECKEN v. COMMISSIONER

Docket No. 4600.

5 T.C. 498 (1945)

ALBERT C. BECKEN, JR., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated July 27, 1945.

Attorney(s) appearing for the Case

Samuel H. Horne, Esq., for the petitioner.

Carroll Walker, Esq., for the respondent.

This proceeding, arising out of a deficiency determined by respondent in the amount of $4,955.48 in petitioner's income tax for the calendar year 1941, presents the following issues: (1) Was the sum of $17,000 received by petitioner in a compromise settlement of a suit for specific performance taxable as a long term capital gain or as ordinary income? A further question on this issue is whether, if the transaction is to be treated...

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