Caswell v. Commissioner
United States Board of Tax Appeals
1. DISSOLVED CORPORATIONS - TAXATION OF PROFIT FROM SALE OF ASSETS. - Where corporations are dissolved but their existence is continued for a period of three years after dissolution for the purpose of settling up their affairs, and during such period the assets are sold by the trustees in dissolution, held, the profit derived therefrom is taxable to the corporations. 2. LIMITATIONS - TRANSFEREES. - On the facts, held that assessment and collection of the liabilities of the…
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1. DISSOLVED CORPORATIONS - TAXATION OF PROFIT FROM SALE OF ASSETS. - Where corporations are dissolved but their existence is continued for a period of three years after dissolution for the purpose of settling up their affairs, and during such period the assets are sold by the trustees in dissolution, held, the profit derived therefrom is taxable to the corporations. 2. LIMITATIONS - TRANSFEREES. - On the facts, held that assessment and collection of the liabilities of the petitioners as transferees are not barred by limitations.
1Opinion of the Court
*821OPINION.
Hill:
Petitioners, as stockholders, admittedly received assets of the Elgin Compress Co., the San Marcos Compress Co., and the Capital Compress Co. in excess of the transferee liability determined against them respectively by respondent. So much has been stipulated by the parties. But petitioners assert that they are not liable as transferees, (1) because no additional tax is due from the corporations, and (2) if any additional tax is so due, assessment and collection of their liabilities as transferees are barred by limitations.
Article 1388 of Vernon’s Annotated Texas Statutes (Civil)…
2Cases cited1 opinion
- United States v. UpdikeSupreme Court of the United States · 1930
3Cited by10 opinions
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- Field v. CommissionerUnited States Tax Court · 1959
- Hersloff v. United StatesUnited States Court of Claims · 1962
- Hersloff v. United States.United States Court of Claims · 1963
- Bartmer Automatic Self Service Laundry, Inc. v. CommissionerUnited States Tax Court · 1960
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