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PHILLIPS v. COMMISSIONER

Docket No. 45424.

25 T.C. 767 (1956)

MICHAEL PHILLIPS AND SOPHIA PHILLIPS, HUSBAND AND WIFE, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed January 17, 1956.

Attorney(s) appearing for the Case

J. M. Solon, Esq., for the petitioners.

David H. Nelson, Esq., for the respondent.

The respondent determined a deficiency in income tax for the years 1948 and 1949 in the amounts of $8,683.84 and $9,609.18, respectively. The sole issue is whether the legal fees received by Michael M. Phillips in 1948 and 1949, under a contingent fee contract, are reportable as income in the years of receipt, where it develops that the lower State court decree in 1948 which led to the payment of such fees was reversed in 1949 by the highest court of the State.

FINDINGS...

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