Grieb v. Commissioner
United States Tax Court
Petitioner, the sole stockholder of a company, in 1953 transferred all of its assets to a new sole proprietorship which continued to carry on the business of the corporation. Although petitioner, through his new business, discharged many of the corporate debts, a tax liability of the company for the year 1949 remains unsatisfied.
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Petitioner, the sole stockholder of a company, in 1953 transferred all of its assets to a new sole proprietorship which continued to carry on the business of the corporation. Although petitioner, through his new business, discharged many of the corporate debts, a tax liability of the company for the year 1949 remains unsatisfied. Held: That petitioner did not receive the corporate assets in trust, or as an assignee for the benefit of creditors, or in a representative or fiduciary capacity (rather than a stockholder-transferee), and is not liable as a fiduciary under sec. 311(a)(2) of the 1939…
1Opinion of the Court
Leon G. Grieb, Petitioner, v. Commissioner of Internal Revenue, Respondent
Grieb v. Commissioner
Docket No. 79501
United States Tax Court
36 T.C. 156; 1961 U.S. Tax Ct. LEXIS 165;
April 26, 1961, Filed
Decision will be entered for the petitioner.
Petitioner, the sole stockholder of a company, in 1953 transferred all of its assets to a new sole proprietorship which continued to carry on the business of the corporation. Although petitioner, through his new business, discharged many of the corporate debts, a tax liability of the company for the year 1949 remains unsatisfied. Held: That petitioner did…
2Cases cited24 opinions
- Commissioner v. SternSupreme Court of the United States · 1958
- Neal v. ClarkSupreme Court of the United States · 1878
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- Conard v. Atlantic Ins. Co. of NYSupreme Court of the United States · 1828
- Bramwell v. United States Fidelity & Guaranty Co.Supreme Court of the United States · 1925
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