Newport Co. v. Commissioner
United States Board of Tax Appeals
1. The taxpayer, a corporation organized under the laws of the State of Maine, engaged in business in Wisconsin, transferred all its assets, the most of which were located in Wisconsin, to the petitioner. Thereafter the courts of Maine decreed that the taxpayer be dissolved. Under the laws of Maine, the taxpayer remained in existence for three years for the purpose of liquidation.
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1. The taxpayer, a corporation organized under the laws of the State of Maine, engaged in business in Wisconsin, transferred all its assets, the most of which were located in Wisconsin, to the petitioner. Thereafter the courts of Maine decreed that the taxpayer be dissolved. Under the laws of Maine, the taxpayer remained in existence for three years for the purpose of liquidation. After the expiration of the three-year period agreements were executed purporting to waive the statute of limitation with regard to the taxpayer's liability for taxes for a year prior to dissolution. Held, that such…
1Opinion of the Court
*843OPINION.
McMahon:
At the hearing the petitioner abandoned the first assignment of error and the respondent admitted that he erred as *844alleged in the second assignment of error. The petitioner undertakes to question the constitutionality of section 280 of the Revenue Act of 1926, but having invoked that section to secure a redetermination, it may not question its validity. Henry Cappellini et al., 14 B. T. A. 1269. See also Phillips v. Commissioner of Internal Revenue, 42 Fed. (2d) 177.
The remaining contention of the petitioner is that assessment and collection of its liability as a transferee of…
2Cases cited1 opinion
- Oklahoma Natural Gas Co. v. OklahomaSupreme Court of the United States · 1927
3Cited by7 opinions
- Buzard v. CommissionerUnited States Board of Tax Appeals · 1934
- Buzard v. CommissionerUnited States Board of Tax Appeals · 1934
- Newport Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Phipps v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1942
- Phipps v. Commissioner of Internal RevenueCourt of Appeals for the Tenth Circuit · 1942
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