Durkee v. Commissioner
United States Tax Court
Petitioner filed a suit charging damage to his business and earnings by reason of conspiracy, and settled the matter, giving a release, providing that the defendants were released and discharged "from all debts, claims, demands, damages, actions and causes of actions whatsoever, and in particular from such as have been asserted" in the case filed. Release also provided that it was a release by a dissolved partnership and a corporation.
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Petitioner filed a suit charging damage to his business and earnings by reason of conspiracy, and settled the matter, giving a release, providing that the defendants were released and discharged "from all debts, claims, demands, damages, actions and causes of actions whatsoever, and in particular from such as have been asserted" in the case filed. Release also provided that it was a release by a dissolved partnership and a corporation. The prayer was, under an Ohio statute, for twofold damages. Held, that because of inability to allocate on the record the amount recovered between capital…
1Opinion of the Court
OPINION.
Disney, Judge:
The Commissioner having determined that the $19,439.95 received by the petitioner in settlement of the suit above described constituted taxable income to him, in accordance with the provisions of section 22 (a), Internal Revenue Code, it is incumbent upon the petitioner to show error in such determination. After carefully analyzing all of the facts and the law applicable thereto, we are of the opinion that such showing has not been made.
Epitomized, the situation is that the petitioner recovered the money in settlement of an action brought by him; that he alleged in…
2Cases cited2 opinions
- United Copper Securities Co. v. Amalgamated Copper Co.Court of Appeals for the Second Circuit · 1916
- Imperial Film Exch. v. General Film Co.District Court, S.D. New York · 1915
3Cited by31 opinions
- Greenberg's Express, Inc. v. CommissionerUnited States Tax Court · 1974
- Fono v. CommissionerUnited States Tax Court · 1982
- Stocks v. CommissionerUnited States Tax Court · 1992
- Estate of Carter v. CommissionerUnited States Tax Court · 1960
- Freeman v. CommissionerUnited States Tax Court · 1959
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