Gillis v. Commissioner
United States Tax Court
B-G corporation made entries on its books at the end of each year accruing liabilities for payments under a profit-sharing plan meeting the requirements of secs. 401 and 501, I.R.C. 1954, and informed the employees of their respective shares of the accruals. B-G's treasurer was also a trustee under the plan.
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B-G corporation made entries on its books at the end of each year accruing liabilities for payments under a profit-sharing plan meeting the requirements of secs. 401 and 501, I.R.C. 1954, and informed the employees of their respective shares of the accruals. B-G's treasurer was also a trustee under the plan. She purchased certain stocks for the trust during B-G's taxable years ended Mar. 31, 1967, and Mar. 31, 1968, but did not pay or otherwise transfer to the trust $ 24,236.67 and $ 11,807.48 taken as deductions in those years, respectively, until Aug. 5, 1968. Petitioners have agreed that…
1Opinion of the Court
Featherston, Judge:
Respondent has determined that each of the petitioners in these consolidated cases is liable as a transferee for income tax deficiencies due from 2560 Corp. (formerly B-G Equipment Co., Inc.), transferor, for the taxable years ended March 31, 1967, and March 31, 1968. The deficiencies so determined are in the amounts of $11,633.60 and $6,762.15 for those years, respectively. Petitioners acknowledge that each of them is a transferee of the assets of 2560 Corp. within the meaning of section 6901,1 but they allege that respondent erred in his determination of deficiencies in…
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- Sachs v. Commissioner of Internal Revenue. Slaymaker Lock Co. v. Commissioner of Internal RevenueCourt of Appeals for the Third Circuit · 1953
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