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AMERICAN DISPENSER CO., INC. v. COMMISSIONER

Docket No. 555-66.

26 T.C.M. 717 (1967)

T.C. Memo. 1967-153

American Dispenser Co., Inc. v. Commissioner.

United States Tax Court.

Filed July 19, 1967.

Attorney(s) appearing for the Case

Morris W. Primoff, 41 E. 42nd St., New York, N. Y., for the petitioner. Lawrence J. Shongut, for the respondent.

Memorandum Findings of Fact and Opinion

The Commissioner determined a deficiency of $8,450 in income tax of the petitioner for 1962. The petitioner alleges that the Commissioner erred in disallowing a deduction of $15,000 "representing a loss on the settlement of a controversy" and a deduction of $1,250 representing legal fees incident to that settlement.

Findings of Fact

The petitioner is a New York corporation with its principal office in New...

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