Newport Co. v. Commissioner

1. The taxpayer, a corporation organized under the laws of the State of Maine, engaged in business in Wisconsin, transferred all its assets, the most of which were located in Wisconsin, to the petitioner. Thereafter the courts of Maine decreed that the taxpayer be dissolved. Under the laws of Maine, the taxpayer remained in existence for three years for the purpose of liquidation. After the expiration of the three-year period agreements were executed purporting to waive the statute of limitation with regard to the taxpayer's liability for taxes for a year prior to dissolution. Held, that such…