United States Trucking Corp. v. Commissioner
United States Board of Tax Appeals
1. Held, that petitioner is liable at law as a transferee on its contract of assumption of all obligations of the taxpayer corporation, and that such contractual liability may be enforced by the remedy provided in section 280 of the Revenue Act of 1926. American Equitable Assurance Co. of New York,27 B.T.A. 247, affirmed by the Circuit Court of Appeals, Second Circuit, December 11, 1933. 2. Where a corporation sustained a net loss in 1923 and thereafter became affiliated…
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1. Held, that petitioner is liable at law as a transferee on its contract of assumption of all obligations of the taxpayer corporation, and that such contractual liability may be enforced by the remedy provided in section 280 of the Revenue Act of 1926. American Equitable Assurance Co. of New York,27 B.T.A. 247, affirmed by the Circuit Court of Appeals, Second Circuit, December 11, 1933. 2. Where a corporation sustained a net loss in 1923 and thereafter became affiliated with another corporation on March 31, 1924, and on or about June 5, 1924, transferred its assets to the taxpayer…
1Opinion of the Court
OPINION.
Tüammell :
This is a proceeding for the redetermination of the liability, at law or in equity, of the petitioner as a transferee of assets of a prior corporation of the same name, in respect of deficiencies in income tax of the transferor for the calendar years 1925 and 1926 in the amounts of $13,589.15 and $12,231.59, respectively.
On December 12, 1919, a corporation known as the United States Trucking Corporation was organized under the laws of the State of New York, and for the calendar year 1923 this corporation sustained a net loss of $107,540.74. On May 29, 1924, the transferor,…
2Cases cited6 opinions
- American Equitable Assurance Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Athol Mfg. Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Overbrook Nat'l Bank v. CommissionerUnited States Board of Tax Appeals · 1931
- Crossett Western Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Weissberger Moving & Storage Co. v. CommissionerUnited States Board of Tax Appeals · 1932
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3Cited by3 opinions
- Georgia, F. & A. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Georgia, F. & A. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- United States Trucking Corp. v. CommissionerUnited States Board of Tax Appeals · 1934