Memorandum Findings of Fact and Opinion
SCOTT, Judge:
Respondent determined a deficiency in petitioners' income tax for the year 1957 in the amount of $4,382.38. The issue for decision is whether petitioners are entitled to a claimed deduction in the amount of $12,500 paid by one of them in 1957 in settlement of a lawsuit against him individually and certain corporations of which he was a stockholder and president, either as an ordinary and necessary business...
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