Watson v. Commissioner
United States Board of Tax Appeals
1. Assessment and collection from petitioners, as transferees of corporate assets, of liabilities representing unpaid taxes of such corporation for the calendar year 1920, held, not barred by the statute of limitations. 2. Petitioners are held to have received, as stockholders of the taxpayer corporation, liquidating distributions representing all of its assets and, in consequence, to be each liable for unpaid taxes of such corporation to the extent of the value of the…
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1. Assessment and collection from petitioners, as transferees of corporate assets, of liabilities representing unpaid taxes of such corporation for the calendar year 1920, held, not barred by the statute of limitations. 2. Petitioners are held to have received, as stockholders of the taxpayer corporation, liquidating distributions representing all of its assets and, in consequence, to be each liable for unpaid taxes of such corporation to the extent of the value of the corporate assets received by each in such distribution. 3. Substantial minority interests in the stock of the Renim Specialty…
1Opinion of the Court
*975opinion. -
Smith:
Petitioners’ contention, that the statute of limitations bars assessment of this deficiency against them as transferees, requires little discussion. The corporate return for 1920, filed March *97615,1921, was neither signed nor sworn to and was accordingly insufficient to start the running of the statute. Lucas v. Pilliod Lumber Co., 281 U. S. 245. It is indicated that an amended consolidated return was filed on April 21, 1924, and, assuming that such return was properly executed, the five-year period for assessment and collection from the taxpayer would not expire until April 21,…
2Cases cited4 opinions
- Botany Worsted Mills v. United StatesSupreme Court of the United States · 1929
- Lucas v. Pilliod Lumber Co.Supreme Court of the United States · 1930
- United States v. RyanSupreme Court of the United States · 1931
- United States v. Philadelphia Knitting Mills Co.Court of Appeals for the Third Circuit · 1921
3Cited by11 opinions
- Stein v. CommissionerUnited States Tax Court · 1962
- Lowy v. CommissionerUnited States Tax Court · 1960
- Morris Miller v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1956
- Bos Lines, Inc., Transferee v. Commissioner of Internal Revenue, Bos Lines, Inc., Transferee of the Transferee v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1965
- Affiliated Enterprises, Inc. v. CommissionerUnited States Board of Tax Appeals · 1940
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