Kean v. Commissioner
United States Tax Court
U, a corporation, was involved in the business of solid waste disposal and operated a landfill on certain leased land. M, a corporation, was to remove, process, and sell the gravel and sand located on this leased land before U would deposit the solid waste in the landfill.
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U, a corporation, was involved in the business of solid waste disposal and operated a landfill on certain leased land. M, a corporation, was to remove, process, and sell the gravel and sand located on this leased land before U would deposit the solid waste in the landfill. PRC, another group of companies, was to recycle the paper products disposed of in the landfill by U. Because an economic recession affected the paper products industry and the building industry, M and PRC suffered severe financial setbacks. In an effort to reverse this situation, petitioners decided to sell U's assets…
1Opinion of the Court
CHABOT, Judge:
Respondent determined that petitioners are hable as transferees of the assets of Urban Waste Resources Corp. (hereinafter sometimes referred to as Urban) for a deficiency in Federal corporate income tax for Urban’s taxable year 19751 in the amount of $34,032,2 as follows:
Docket No. Petitioner Transferee liability
19346-81 James H. Kean $34,032
19347-81 Richard L. Gray 34,032
These cases have been consolidated for trial, briefs, and opinion. After concessions by petitioners, the issues for decision3 are as follows:(1) Whether Urban is entitled to a bad debt deduction under section…
2Cases cited41 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
- Phillips v. CommissionerSupreme Court of the United States · 1931
- Commissioner v. SternSupreme Court of the United States · 1958
- Herbert W. Dustin and Kathleen C. Dustin v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1972
36 more not listed; retrieve them via the Exa API.
3Cited by42 opinions
- Martin Ice Cream Co. v. Comm'rUnited States Tax Court · 1998
- Calumet Industries, Inc. v. CommissionerUnited States Tax Court · 1990
- American Offshore, Inc. v. CommissionerUnited States Tax Court · 1991
- Merriam v. CommissionerUnited States Tax Court · 1995
- CMA Consol., Inc. v. Comm'rUnited States Tax Court · 2005
37 more not listed; retrieve them via the Exa API.