Grieb v. Commissioner
United States Tax Court
Petitioner, the sole stockholder of a company, in 1953 transferred all of its assets to a new sole proprietorship which continued to carry on the business of the corporation. Although petitioner, through his new business, discharged many of the corporate debts, a tax liability of the company for the year 1949 remains unsatisfied.
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Petitioner, the sole stockholder of a company, in 1953 transferred all of its assets to a new sole proprietorship which continued to carry on the business of the corporation. Although petitioner, through his new business, discharged many of the corporate debts, a tax liability of the company for the year 1949 remains unsatisfied. Held: That petitioner did not receive the corporate assets in trust, or as an assignee for the benefit of creditors, or in a representative or fiduciary capacity (rather than a stockholder-transferee), and is not liable as a fiduciary under sec. 311(a)(2) of the 1939…
1Opinion of the Court
Fisher, Judge:
Respondent determined a fiduciary liability against petitioner under section 311(a) (2) of the 1939 Code resulting from the distribution to him of the assets of Victory Builders, Inc., upon its liquidation, and the subsequent payment of some of its debts without first satisfying a liability of that company for unpaid income taxes of $560.37 for the year 1949. Respondent has also determined against petitioner an addition to tax in the amount of $61.88 under section 293(a), I.R.C. 1939, ancl $177.75 for interest which was also determined against the company.
Petitioner, having…
2Cases cited23 opinions
- Commissioner v. SternSupreme Court of the United States · 1958
- Neal v. ClarkSupreme Court of the United States · 1878
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- Conard v. Atlantic Ins. Co. of NYSupreme Court of the United States · 1828
- Bramwell v. United States Fidelity & Guaranty Co.Supreme Court of the United States · 1925
18 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Frank E. Sellers, Transferee of the Assets of Norpaco Builders, Inc., Transferor v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1979
- Stahl v. CommissionerUnited States Tax Court · 1963
- Estate of De Niro v. CommissionerUnited States Tax Court · 1982
- Forehand v. CommissionerUnited States Tax Court · 1993
- Grieb v. CommissionerUnited States Tax Court · 1961
4 more not listed; retrieve them via the Exa API.