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HERBEL v. COMMISSIONER

Docket Nos. 22079-93, 22080-93.

106 T.C. 392 (1996)

STEPHEN R. AND MARY K. HERBEL, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT JERRY R. AND CAROLYN M. WEBB, PETITIONERS v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed June 5, 1996.

Attorney(s) appearing for the Case

Frederick R. Parker, Jr., and W. Deryl Medlin, for petitioners.

Martin M. Van Brauman and Josh O. Ungerman, for respondent.

OPINION

WHALEN, Judge:

These consolidated cases are before the Court to decide petitioners' motion for summary judgment. The issue presented by petitioners' motion is whether a payment received in settlement of a contractual dispute involving a so-called take or pay contract for the purchase and sale of natural gas is includable in petitioners' income in the year received, as respondent contends, or whether the payment is a deposit in the nature of...

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