Continental Baking Co. v. Commissioner
United States Board of Tax Appeals
Where petitioner, in exchange for all of the taxpayer's assets, transferred to the taxpayer shares of its capital stock and assumed all existing liabilities of the taxpayer, petitioner is liable as transferee for additional Federal taxes due from the taxpayer.
1Opinion of the Court
*886OPINION.
MoMahon :
The only question here presented is whether the petitioner is liable at law or in equity, as a transferee, for the additional taxes asserted by the respondent to be due from the Livingston Baking Company for the fiscal year ended June 30, 1924, and for the period July 1, 1924, to January 10, 1925.
The burden of proof in a transferee proceeding is upon the respondent to show the liability of the alleged transferee, but not to show the correctness of the determination of the tax liability of the trans-feror corporation. Section 912 of the Revenue Act of 1924, as amended by…
2Cases cited8 opinions
- United States v. AndersonSupreme Court of the United States · 1926
- American Railway Express Company v. CommonwealthCourt of Appeals of Kentucky (pre-1976) · 1920
- Hibernia Ins. v. St. Louis & New Orleans Transp. Co.U.S. Circuit Court for the District of Eastern Missouri · 1882
- Grenell v. Detroit Gas Co.Michigan Supreme Court · 1897
- McIver v. Young Hardware Co.Supreme Court of North Carolina · 1907
3 more not listed; retrieve them via the Exa API.
3Cited by9 opinions
- Buzard v. CommissionerUnited States Board of Tax Appeals · 1934
- Georgia, F. & A. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Breyer v. CommissionerUnited States Tax Court · 1944
- Buzard v. CommissionerUnited States Board of Tax Appeals · 1934
- Continental Baking Co. v. CommissionerUnited States Board of Tax Appeals · 1933
4 more not listed; retrieve them via the Exa API.