Booker v. Commissioner
United States Tax Court
Held, amount received by petitioners in settlement of threatened litigation for recovery of anticipated loss of profits and increased rental expense is taxable as ordinary income under section 22(a), I. R. C. 1939.
1Opinion of the Court
Harry L. Booker and Brenetta Booker, Petitioners, v. Commissioner of Internal Revenue, Respondent. Orville C. Booker and Goldie V. Booker, Petitioners, v. Commissioner of Internal Revenue, Respondent
Booker v. Commissioner
Docket Nos. 58834, 58835
United States Tax Court
27 T.C. 932; 1957 U.S. Tax Ct. LEXIS 242;
March 13, 1957, Filed
Decisions will be entered for the respondent.
Held, amount received by petitioners in settlement of threatened litigation for recovery of anticipated loss of profits and increased rental expense is taxable as ordinary income under section 22(a), I. R. C. 1939.
Fred M.…
2Cases cited13 opinions
- Raytheon Production Corp. v. Commissioner of Int. Rev.Court of Appeals for the First Circuit · 1944
- Commissioner of Internal Revenue v. Golonsky. Commissioner of Internal Revenue v. GoldCourt of Appeals for the Third Circuit · 1952
- Commissioner of Internal Revenue v. RayCourt of Appeals for the Fifth Circuit · 1954
- Commissioner of Internal Revenue v. McCue Bros. & Drummond, IncCourt of Appeals for the Second Circuit · 1954
- Golonsky v. CommissionerUnited States Tax Court · 1951
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