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606 (1962), affd. 328 F.2d 662 (6th Cir. 1964). We will enforce
a stipulation of settlement, whether filed or orally stipulated
into the record, unless justice requires that we do otherwise.
Adams v. Commissioner, 85 T.C. 359, 375 (1985); Sennett v.
Commissioner, 69 T.C. 694 (1978); Saigh v. Commissioner, 26 T.C.
171, 177 (1956).
Petitioners ask the Court to enter a decision that reflects
their claim that their 1984 self-employment income equals an
amount not shown in the Stipulation. We refuse to do so.
Whether petitioners incurred their claimed losses, and, if they
did, whether the losses were from self-employment, raises new
issues that are not before the Court. Petitioners’ pleadings
make no reference to these issues, and the Stipulation is silent
with respect thereto. The Stipulation does not even mention the
losses that petitioners now claim to have incurred in 1984.
The Stipulation speaks for itself and shows that the parties
agreed to resolve this case in the manner set forth therein. The
Stipulation, voluntarily entered in settlement of this lawsuit,
must be given binding effect. The parties struck a bargain in
the Stipulation, and petitioners must live with the benefits and
burdens of it.
To reflect the foregoing,
An appropriate order will be
issued granting respondent's motion
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