Powers Photo Engraving Co. v. Commissioner
United States Tax Court
Petitioner held liable as transferee for taxes due from its wholly owned subsidiary which had transferred the bulk of its assets to petitioner purportedly in payment of an unsecured indebtedness based upon advances which petitioner had previously made to the subsidiary.
1Opinion of the Court
OPINION.
Raum, Judge:
Section 1119 of the Internal Revenue Code places the burden of proof upon the Commissioner to show that petitioner is liable as a transferee. As our findings show, he has established that Electronic made a transfer to its sole stockholder, the petitioner, in November 1946, of assets having a value of $162,948.44; that this transfer was made after liability for the unpaid deficiencies in tax for the year 1945, in the net amount of some $98,000, had accrued; that the transfer left Electronic insolvent and with insufficient assets to pay these deficiencies; and that they have…
2Cases cited18 opinions
- Sawyer v. HoagSupreme Court of the United States · 1873
- Pierce v. United StatesSupreme Court of the United States · 1921
- Schnitzer v. CommissionerUnited States Tax Court · 1949
- Dobkin v. CommissionerUnited States Tax Court · 1950
- Scott v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1941
13 more not listed; retrieve them via the Exa API.
3Cited by23 opinions
- Gobins v. Comm'rUnited States Tax Court · 1952
- Pachella v. CommissionerUnited States Tax Court · 1961
- Yagoda v. CommissionerUnited States Tax Court · 1962
- Mendelson v. Comm'rUnited States Tax Court · 1969
- Gatto v. CommissionerUnited States Tax Court · 1953
18 more not listed; retrieve them via the Exa API.