Albert v. Commissioner
United States Tax Court
T, which was insolvent, transferred its remaining assets to the petitioner in 1965. At the time of the transfer, the president of T was aware that T's tax returns were under audit and that it had filed a delinquent return for 1960. In 1966, the audit was completed, and the respondent demanded payment of a delinquency penalty for 1960 and interest.
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T, which was insolvent, transferred its remaining assets to the petitioner in 1965. At the time of the transfer, the president of T was aware that T's tax returns were under audit and that it had filed a delinquent return for 1960. In 1966, the audit was completed, and the respondent demanded payment of a delinquency penalty for 1960 and interest. Held, under the circumstances, the respondent is entitled to share pro rata with the petitioner in the assets transferred in 1965, in accord with Texas law.
1Opinion of the Court
Helen R. Albert, Petitioner v. Commissioner of Internal Revenue, Respondent
Albert v. Commissioner
Docket No. 5029-68
United States Tax Court
56 T.C. 447; 1971 U.S. Tax Ct. LEXIS 129;
May 27, 1971, Filed
Decision will be entered under Rule 50.
T, which was insolvent, transferred its remaining assets to the petitioner in 1965. At the time of the transfer, the president of T was aware that T's tax returns were under audit and that it had filed a delinquent return for 1960. In 1966, the audit was completed, and the respondent demanded payment of a delinquency penalty for 1960 and interest. Held, under…
2Cases cited22 opinions
- Commissioner v. SternSupreme Court of the United States · 1958
- Lyons-Thomas Hardware Co. v. Perry Stove Manufacturing Co.Texas Supreme Court · 1893
- Leach v. CommissionerUnited States Tax Court · 1953
- Darcy v. Brooklyn & New York Ferry Co.New York Court of Appeals · 1909
- R. M. Waggoner v. Herring-Showers Lbr. Co.Texas Supreme Court · 1931
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