The Commissioner determined a $50,738.75 deficiency in petitioners' income tax for the calendar year 1966. The only issue for decision is whether petitioner George Eisler's payment of $235,000 in settlement of a lawsuit, and legal fees of $55,094.85 incurred by Eisler in connection with that lawsuit, represented ordinary expenses or losses or capital outlays.
FINDINGS OF FACT
The parties have filed a stipulation of facts which, together with accompanying...
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