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REPUBLIC AUTOMOTIVE PARTS, INC. v. COMMISSIONER

Docket No. 7541-74.

68 T.C. 822 (1977)

REPUBLIC AUTOMOTIVE PARTS, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed August 30, 1977.

Attorney(s) appearing for the Case

Sidney Bender, for the petitioner.

Daniel J. Westerbeck, for the respondent.

OPINION

TIETJENS, Judge:

The respondent determined a deficiency in Federal income tax against the petitioner for taxable year 1969 in the amount of $77,239. The issue is whether amounts received by petitioner from Borg-Warner Corp. as tort damages for wrongfully inducing the breach of a contract between the petitioner and a third party were capital gains or ordinary income.

The petitioner, Republic Automotive Parts, Inc. (Republic), is a Delaware...

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