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A controversy before this Court may be settled by agreement
of the parties. After the parties have entered into a binding
settlement agreement, the actual merits of the settled
controversy are without consequence. This Court has declined to
set aside a settlement duly executed by the parties and filed
with the Court in the absence of fraud or mutual mistake. Stamm
Intl. Corp. v. Commissioner, 90 T.C. 315 (1988); Spector v.
Commissioner, 42 T.C. 110 (1964). Petitioner has not established
any basis for disavowal of the stipulation that he and respondent
mutually assented to. The stipulation covers all issues before
the Court in the instant case. Petitioner is bound by that
agreement. He cannot raise other issues that are not in the
pleadings or pursue other legal theories that are not in the
pleadings and were not allowed in the stipulation. Respondent's
motion for entry of decision will be granted.
An appropriate order will
be issued and decision will be
entered for respondent.
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Last modified: May 25, 2011