Keller v. Commissioner
United States Board of Tax Appeals
The petitioners prior to the sale of the entire capital stock of the Wilson Avenue Garage Co. had transferred to themselves assets of the corporation, which impaired its capital but left the corporation solvent. Held that the assets so transferred were not impressed with a trust so as to create any liability which would be enforceable under section 280 of the Revenue Act of 1926.
1Opinion of the Court
*87OPINION.
Black:
These proceedings, brought under section 280 of the Revenue Act of 1926, present the question whether a liability exists in law or in equity on the part of these petitioners in respect' of the tax liability of the Wilson Avenue Garage Co. for the years 1920 to 1923, inclusive, as a result of the receipt by them of transferred assets of the corporation.
The respondent recognizes that no liability attached on account of the sale of stock by the petitioners, but he does contend that the transfer of assets to themselves immediately before the sale of stock impaired the capital of the…
2Cases cited2 opinions
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- McDonald v. WilliamsSupreme Court of the United States · 1899
3Cited by14 opinions
- North American Coal Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
- Wright v. CommissionerUnited States Board of Tax Appeals · 1933
- Baker v. CommissionerUnited States Board of Tax Appeals · 1934
- Ashton v. CommissionerUnited States Board of Tax Appeals · 1933
- Puritan Church-The Church of America v. CommissionerUnited States Tax Court · 1951
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