In In re Fotochrome, Inc., supra at 961, the court noted that "[i]n cases of concurrent jurisdiction the court which first reaches the case for trial may then proceed to a final decision without interruption and the doctrine of res adjudicata will apply to the result. Ohio Steel Foundry Co. v. United States, 38 F.2d 144, 149, 150 [69 Ct.Cl. 158] (Ct.Cl. 1930); Comas, Inc. [ v. Commissioner, 23 T.C. 8 (1954)] supra, 10-11." See also, Ellis v. Commissioner, 14 T.C. 484, 487 (1950); United States v. Leary, 228 F. Supp. 467 (D.Conn. 1963), aff'd, 330 F.2d 497 (2d Cir. 1964), cert. den., 379 U.S. 837, 85 S.Ct. 72, 13 L.Ed.2d 44 (1964).

Once the order of the bankruptcy court becomes final with respect to respondent's tax claims, generally neither the amount, nor the validity of the bankruptcy court's order is subject to review or reconsideration by this Court. McQuade v. Commissioner, 84 T.C. 137, 145 (1985); Comas, Inc. v. Commissioner, 23 T.C. 8, 12 (1954). As noted by the majority in its note 7, a decision entered approving a stipulated settlement agreement is an adjudication on the merits for purposes of res judicata.