Norwich Woolen Mills Corp. v. Commissioner
United States Board of Tax Appeals
1. On March 7, 1921, the stock of the taxpayer corporation was acquired by the petitioner corporation. Petitioner caused the taxpayer to be dissolved on that day and took over its assets. Thereafter petitioner continued the business. Held, that the taxpayer and the petitioner were separate taxable entities and each is required to file a return reporting its income from the business.
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1. On March 7, 1921, the stock of the taxpayer corporation was acquired by the petitioner corporation. Petitioner caused the taxpayer to be dissolved on that day and took over its assets. Thereafter petitioner continued the business. Held, that the taxpayer and the petitioner were separate taxable entities and each is required to file a return reporting its income from the business. A return by petitioner of income earned by the taxpayer prior to March 7, 1921, is not a proper return. 2. In determining the income of a business during a portion of a year by apportioning the earnings of the…
1Opinion of the Court
OPINION.
Phillips :
The Commissioner gave notice to petitioner that, as provided in section 280 of the Revenue Act of 1926, there was proposed for assessment against it the amount of $1,494.01, constituting its liability as a transferee of the assets of Norwich Woolen Mills Co. for income and profits-tax liability of that company for the period January 1, 1921, to March 7, 1921. The petitioner filed its petition alleging that the determination of the Commissioner was based upon the following errors:
The assumption by the Commissioner of Internal Revenue that the operations from January 1, 1921…
2Cases cited5 opinions
- Marr v. United StatesSupreme Court of the United States · 1925
- Edwards v. DouglasSupreme Court of the United States · 1925
- Mason v. RoutzahnSupreme Court of the United States · 1927
- General Insurance Co. of America v. Northern Pacific Railway Co.Supreme Court of the United States · 1929
- United States ex rel. Greylock Mills v. BlairCourt of Appeals for the D.C. Circuit · 1923
3Cited by4 opinions
- S. Feather Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- Newport Co. v. CommissionerUnited States Board of Tax Appeals · 1931
- Norwich Woolen Mills Corp. v. CommissionerUnited States Board of Tax Appeals · 1929
- S. Rossin & Sons, Inc. v. CommissionerUnited States Board of Tax Appeals · 1939