Kenner Oil & Gas Co. v. Commissioner
United States Board of Tax Appeals
The Akin Oil Co. filed its income tax return for 1917 on March 29, 1918. A deficiency notice was mailed to it December 27, 1928. Waivers were filed with the Commissioner and signed by him, purporting to have been signed on behalf of the company by its officers, extending the time of assessment and collection of the tax to December 31, 1928. Attorneys for the Akin Oil Co. became attorneys for petitioner and upon their motion the Akin Oil Co. proceeding was dismissed by the…
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The Akin Oil Co. filed its income tax return for 1917 on March 29, 1918. A deficiency notice was mailed to it December 27, 1928. Waivers were filed with the Commissioner and signed by him, purporting to have been signed on behalf of the company by its officers, extending the time of assessment and collection of the tax to December 31, 1928. Attorneys for the Akin Oil Co. became attorneys for petitioner and upon their motion the Akin Oil Co. proceeding was dismissed by the Board, which entered judgment for respondent for the deficiency involved. The assets of the Akin Oil Co., which were of a…
1Opinion of the Court
*194OPINION.
Seawell :
In 1922 all the assets of the Akin Oil Co., which had a value greater than the tax and interest here involved, were transferred to petitioner in exchange for certain of petitioner’s stock and an agreement on its part to “ assume and be bound by all the liabilities and .obligations of The Akin Oil Company * * * ”, which *195agreement is contained in resolutions of the parties dated March 14, 1922, set out in the findings of fact.
These facts would apparently render petitioner liable at law and in equity as a transferee of the Akin Oil Co. for any deficiency in its tax for the year…
2Cases cited2 opinions
- Helvering v. Newport Co.Supreme Court of the United States · 1934
- Warner v. WickizerSupreme Court of Oklahoma · 1916
3Cited by3 opinions
- Diamond Gardner Corp. v. CommissionerUnited States Tax Court · 1962
- Diamond Gardner Corp. v. CommissionerUnited States Tax Court · 1962
- Kenner Oil & Gas Co. v. CommissionerUnited States Board of Tax Appeals · 1935