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GLENSHAW GLASS COMPANY v. COMMISSIONER

Docket No. 30821.

18 T.C. 860 (1952)

GLENSHAW GLASS COMPANY, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated August 13, 1952.

Attorney(s) appearing for the Case

Sidney B. Gambill, Esq., for the petitioner.

Albert J. O'Connor, Esq., for the respondent.

The respondent has determined deficiencies of $31.82 and $126,361.06 in the petitioner's income tax liability for the taxable years ending September 30, 1947, and September 30, 1948, respectively.

The petitioner contests the deficiency determined for the taxable year 1948 which results from the inclusion as ordinary income of the proceeds received in a compromise settlement of various claims.

All stipulated facts are found as stipulated.

FINDINGS...

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