Clarence Whitman & Sons v. Commissioner
United States Tax Court
1. The deficiency notice for 1941 tax was mailed July 31, 1945. The petition was filed October 23, 1945, and waivers were executed and filed extending the period for assessment to June 30, 1947. Held, the assessment is not barred by the statute of limitations. 2. In 1928 the Board of Tax Appeals held that the intangibles of this taxpayer at its organization in 1918 had a value of "at least $ 412,500," which was 25 per cent of the outstanding capital stock and the allowable…
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1. The deficiency notice for 1941 tax was mailed July 31, 1945. The petition was filed October 23, 1945, and waivers were executed and filed extending the period for assessment to June 30, 1947. Held, the assessment is not barred by the statute of limitations. 2. In 1928 the Board of Tax Appeals held that the intangibles of this taxpayer at its organization in 1918 had a value of "at least $ 412,500," which was 25 per cent of the outstanding capital stock and the allowable limit under the statute therein involved. Held, that, since the statute herein involved prescribes no such limit, we are…
1Opinion of the Court
OPINION.
Harlan, Judge:
In the assignments of error set out in the petition it is alleged that the Commissioner erred in failing to determine that the assessment of the proposed deficiency is barred by the statute of limitations. No proof was offered at the hearing in support of petitioner’s allegation and no basis appears in the record for raising this issue. The facts show that waivers were executed by petitioner and filed with the collector of internal revenue extending the period for assessment of income and excess profits tax for the calendar year 1941 to June 30,1947. The deficiency…
2Cases cited3 opinions
- Toledo Newspaper Co. v. CommissionerUnited States Tax Court · 1943
- Rainier Brewing Co. v. CommissionerUnited States Tax Court · 1946
- Four Twelve West Sixth Co. v. CommissionerUnited States Tax Court · 1946
3Cited by7 opinions
- Fairmont Aluminum Co. v. CommissionerUnited States Tax Court · 1954
- Solitron Devices, Inc. v. CommissionerUnited States Tax Court · 1983
- Tennessee Products Corp. v. United StatesUnited States Court of Claims · 1952
- Clarence Whitman & Sons v. CommissionerUnited States Tax Court · 1948
- Fairmont Aluminum Co. v. CommissionerUnited States Tax Court · 1954
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