This case involves an income tax deficiency in the amount of $973.46 for the calendar year 1947. The question to be decided is whether a $4,000 payment in 1947 in settlement of a judgment obtained against petitioner as a result of an automobile accident, together with certain attorneys' fees paid in defense of the suit, are deductible as trade or business expenses of the petitioner under section 23 (a) (1) (A) of the Internal Revenue Code.
Some of the facts were stipulated...
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