The respondent determined deficiencies of $46,894.24 and $15,772.64 in the petitioner's income tax and excess profits tax, respectively, for its fiscal year ending May 31, 1938.
The sole original issue is the taxability of the sum of $350,000 received by the petitioner from the Radio Corporation of America as a part of the amount paid in settlement of litigation between it and the petitioner.
By an amendment to his answer the respondent has raised two additional...
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