Swinks v. Commissioner
United States Tax Court
Held, 1. Under Georgia law petitioner is liable as transferee of an insolvent corporation to the extent of cash transfers made without valuable consideration. 2. Interest runs from the date of each transfer on the amount transferred at 7 percent per annum, the legal interest rate in Georgia. 3. Assessment and collection of such amounts from petitioner as transferee are not barred by the statute of limitations.
1Opinion of the Court
Dawson, Judge:
Respondent has asserted against petitioner limited transferee liability of $12,000, plus interest thereon as provided by law, for an income tax deficiency due from Swinks Construction Co., transferor, for the taxable year ended June 30,1959, in the amount of $105,736.60 and additions to tax under sections 6651(a) and 6653(a), I.R.C. 1954, in the amounts of $26,434.15 and $5,286.83, respectively.
Since the deficiency and additions to tax due from Swinks Construction Co. for the taxable year ended June 30, 1959, have been established by a prior order of this Court, the only two…
2Cases cited11 opinions
- Moline Properties, Inc. v. CommissionerSupreme Court of the United States · 1943
- Commissioner v. SternSupreme Court of the United States · 1958
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- Sidney Kreps v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1965
- Kreps v. CommissionerUnited States Tax Court · 1964
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3Cited by26 opinions
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- Maynard Hospital, Inc. v. CommissionerUnited States Tax Court · 1970
- Borg v. CommissionerUnited States Tax Court · 1987
- Mizrahi v. CommissionerUnited States Tax Court · 1992
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