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BELL AIRCRAFT CORPORATION v. COMMISSIONER

Docket No. 68395.

32 T.C. 355 (1959)

BELL AIRCRAFT CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed May 14, 1959.

Attorney(s) appearing for the Case

Richard E. Moot, Esq., Walter C. Lindsay, Esq., and Mason O. Damon, Esq., for the petitioner.

Emil Sebetic, Esq., for the respondent.

MULRONEY, Judge:

Respondent determined deficiencies in the petitioner's income and excess profits taxes for the year 1952 in the amount of $946,467.11.

The issue before us is whether, under section 456 of the Internal Revenue Code of 1939,1 the petitioner is entitled, in computing its excess profits tax for 1952, to exclude from its gross income the income arising from a judgment to the extent that such income is attributable...

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