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TURZILLO v. COMMISSIONER

Docket No. 94945.

22 T.C.M. 1664 (1963)

T.C. Memo. 1963-317

Lee Turzillo and Lucille Turzillo v. Commissioner.

United States Tax Court.

Filed December 2, 1963.

Attorney(s) appearing for the Case

Richard Katcher 1130 B. F. Keith Bldg. Cleveland, Ohio, and James J. Laughlin, for the petitioner. Joseph P. Crowe and Gordon B. Cutler, for the respondent.

Memorandum Findings of Fact and Opinion

SCOTT, Judge:

Respondent determined a deficiency in petitioners' income tax for the calendar year 1958 in the amount of $35,300.02. The issue for decision is whether an amount of $95,000 received by Lee Turzillo in 1958 from a corporation in which he had owned stock and by which he had been employed, in settlement of litigation between him and the corporation, was ordinary income or capital gain.

Findings...

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