Joseph P. McGivney, Jr. - Page 3

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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."                                                          
                  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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