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JOSEPHS v. COMMISSIONER

Docket No. 8294.

8 T.C. 583 (1947)

HYMAN Y. JOSEPHS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 25, 1947.

Attorney(s) appearing for the Case

H. A. Dancer, Esq., for the petitioner.

Edward C. Adams, Esq., for the respondent.

The Commissioner determined a deficiency in Federal income taxes against the petitioner for the year 1941 in the amount of $6,887.23. Certain adjustments made by the Commissioner are not in dispute. The only issue presented is whether petitioner may deduct from gross income in 1941, under either section 23 (a) (1) (A) or section 23 (a) (2), Internal Revenue Code, the sum of $11,500, composed of $10,000 paid in settlement of litigation...

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