Resthaven Memorial Cemetery v. Commissioner
United States Board of Tax Appeals
The Resthaven Memorial Trust transferred in 1928 all its assets to the petitioner in exchange for petitioner's capital stock and its contract to pay the liabilities of the trust.
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The Resthaven Memorial Trust transferred in 1928 all its assets to the petitioner in exchange for petitioner's capital stock and its contract to pay the liabilities of the trust. Held, petitioner is liable as a transferee for the unpaid Federal income tax of the trust for the taxable year 1927; held, further, that, in determining the profits of the Resthaven Memorial Trust on its sales of cemetery lots in the taxable year 1927, there may not be added to the cost thereof anything more than the amount actually expended on the lots prior to the end of the taxable year.
1Opinion of the Court
*387OPINION.
Seawell:
The record shows that on November 21, 1927, there was incorporated under the laws of Kentucky the Kesthaven Memorial Cemetery, Inc., the petitioner herein, which by deed of January 10, 1928, acquired the assets of the Kesthaven Memorial Trust and issued therefor its capital stock and agreed in writing to pay the debts of the trust. Having acquired all the assets and assumed all the liabilities of the Kesthaven Memorial Trust and having received, as stated herein, the deficiency notice and filed petition and amended petition as heretofore set forth, petitioner, in our opinion…
2Cases cited2 opinions
- Acacia Park Cemetery Asso. v. CommissionerUnited States Board of Tax Appeals · 1932
- Federal Oil Corp. v. CommissionerUnited States Board of Tax Appeals · 1931
3Cited by1 opinion
- Resthaven Memorial Cemetery v. CommissionerUnited States Board of Tax Appeals · 1934