Poro v. Commissioner
United States Tax Court
The East Islip Theatre, Inc., was incorporated in 1932. It was dissolved on December 28, 1949. "All" of its assets were distributed to its two shareholders (James and Katherine Poro) in December 1949. Thereafter, on June 3, 1953, a suit was instituted against certain motion-picture film distributors in the name of "East Islip Theatre, Inc., and James Poro, Katherine Poro, and Gloria Poro Helbig, as Trustees in Dissolution" for a loss of profits and damages incurred by the…
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The East Islip Theatre, Inc., was incorporated in 1932. It was dissolved on December 28, 1949. "All" of its assets were distributed to its two shareholders (James and Katherine Poro) in December 1949. Thereafter, on June 3, 1953, a suit was instituted against certain motion-picture film distributors in the name of "East Islip Theatre, Inc., and James Poro, Katherine Poro, and Gloria Poro Helbig, as Trustees in Dissolution" for a loss of profits and damages incurred by the corporation during the period from 1932 to 1948. On January 26, 1956, the suit was settled out of court. On April 26,…
1Opinion of the Court
OPINION.
AruNdell, Judge:
Respondent, in Docket Nos. 86992 and 86993, determined for assessment against each of the petitioners, James Poro and Katherine Poro, the amount of $14,191.25 (being a deficiency in income tax of $11,353 against East Islip Theatre, Inc., for the calendar year 1956, plus an addition to tax of $2,838.25 under section 6651,1.R.C. 1954, for failure to file tax return), plus interest as provided by law, as constituting petitioners’ liabilities as transferees of property of East Islip Theatre, Inc., a dissolved corporation.
Respondent, in Docket No. 86994, also determined a…
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