McKnight v. Commissioner
United States Tax Court
1. Petitioner, recipient of assets of insolvent taxpayer-corporation, of which petitioner's decedent had been stockholder, held liable for unpaid taxes of the taxpayer as a transferee under Internal Revenue Code, section 311, notwithstanding that all property so obtained has been used to pay claims against the taxpayer or priority claims of the petitioner estate.
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1. Petitioner, recipient of assets of insolvent taxpayer-corporation, of which petitioner's decedent had been stockholder, held liable for unpaid taxes of the taxpayer as a transferee under Internal Revenue Code, section 311, notwithstanding that all property so obtained has been used to pay claims against the taxpayer or priority claims of the petitioner estate. Jessie Smith, Executrix, 24 B. T. A. 807, distinguished. 2. Held, that no issue arises in this proceeding with respect to the liability of the administrator as a fiduciary under R. S. 3467, in the absence of a deficiency notice…
1Opinion of the Court
OPINION.
Opper, Judge:
Respondent determined against petitioner, as transferee, deficiencies in income and declared value excess profits taxes in the respective amounts of $1,762.87 and $1,049.24 for the period January 1 to November 16,1942, all of which are placed in issue by this proceeding. Petitioner, by failure to contest either at the hearing or on brief, has apparently conceded the propriety of the deficiencies against the transferor, and the sole issue is petitioner’s liability for such taxes as transferee of the taxpayer’s assets under the circumstances disclosed by the present record.
A…
2Cases cited3 opinions
- Phillips v. CommissionerSupreme Court of the United States · 1931
- United States v. BarnesDistrict Court, S.D. New York · 1887
- Wisconsin v. IllinoisSupreme Court of the United States · 1926
3Cited by28 opinions
- Switzer v. CommissionerUnited States Tax Court · 1953
- Gobins v. Comm'rUnited States Tax Court · 1952
- Powers Photo Engraving Co. v. CommissionerUnited States Tax Court · 1951
- Mendelson v. Comm'rUnited States Tax Court · 1969
- Sharp v. CommissionerUnited States Tax Court · 1961
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