S. Feather Co. v. Commissioner
United States Board of Tax Appeals
The taxpayer, a New Jersey corporation, transferred all of its assets to its successor, a Delaware corporation of the same name, on July 1, 1918, and was dissolved soon thereafter. The Delaware corporation continued the business, and filed an income and profits tax return for the calendar year 1918, in which the gross income, deductions and credits of both corporations were reported in combined total amounts.
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The taxpayer, a New Jersey corporation, transferred all of its assets to its successor, a Delaware corporation of the same name, on July 1, 1918, and was dissolved soon thereafter. The Delaware corporation continued the business, and filed an income and profits tax return for the calendar year 1918, in which the gross income, deductions and credits of both corporations were reported in combined total amounts. Held, that said return was not in substantial compliance with the requirements of section 239, Revenue Act of 1918, and did not start the running of the period of limitations.
1Opinion of the Court
OPINION.
Trammell:
This is a proceeding for the redetermination of the liability of the petitioner as a transferee under the provisions of section 280 of the Bevenue Act of 1926. The respondent determined a deficiency in income and profits taxes for the period January 1 to June 30, 1918, in the amount of $5,420.14 against the S. Feather Co., a New Jersey corporation, plus a deliquency penalty in the amount of $1,855.03, and asserts liability therefor against the petitioner, a Delaware corporation of the same name, as transferee of the assets of its predecessor, the New Jersey corporation.
The…
2Cases cited4 opinions
- Florsheim Brothers Drygoods Co. v. United StatesSupreme Court of the United States · 1930
- Norwich Woolen Mills Corp. v. CommissionerUnited States Board of Tax Appeals · 1929
- Cem Sec. Corp. v. CommissionerUnited States Board of Tax Appeals · 1933
- Warner Collieries Co. of Delaware v. CommissionerUnited States Board of Tax Appeals · 1932
3Cited by2 opinions
- National Contracting Co. v. CommissionerUnited States Board of Tax Appeals · 1938
- S. Feather Co. v. CommissionerUnited States Board of Tax Appeals · 1933