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requests that we deny respondent's motion and that in view of the
aforementioned information, which is not supported by affidavit,
petitioner be granted additional "time to present such new
information to District Counsel."
Discussion
The compromise and settlement of tax cases is governed by
general principles of contract law. See Dorchester Indus., Inc.
v. Commissioner, 108 T.C. 320, 330 (1997), affd. without
published opinion 208 F.3d 205 (3d Cir. 2000). A settlement
stipulation is in essence a contract. Each party agrees to
concede some rights which he or she may assert against his or her
adversary as consideration for those secured in the settlement
agreement. See Saigh v. Commissioner, 26 T.C. 171, 177 (1956).
Like contracts, stipulations of settlement bind the parties
thereto to the terms thereof. See Stamos v. Commissioner, 87
T.C. 1451, 1455 (1986). In determining the proper meaning of the
terms, we look to the language of the stipulation and the
circumstances surrounding its execution. See Robbins Tire &
Rubber Co. v. Commissioner, 52 T.C. 420, 435-436 (1969); see also
Brink v. Commissioner, 39 T.C. 602, 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. See Dorchester
Indus., Inc. v. Commissioner, supra at 335; Saigh v.
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