Legal Opinion
Commercial Iron Works v. Commissioner of Int. Rev.
Court of Appeals for the Fifth Circuit
Decided February 13, 1948No. 12011PublishedCited by 32 opinions
1Opinion of the Court
WALLER, Circuit Judge.
The Commercial Iron Works was incorporated under the laws of Texas in 1936, with John L. Barnes and Cyrus R. Cotton each owning fifty per cent, of its capital stock. Barnes has been president and Cotton vice president ever since.
The corporation engaged in the fabrication of steel from its inception until its dissolution on April 29, 1942, whereupon its assets were transferred to its two stockholders, who assumed all of its liabilities, and who, as transferees, are admittedly liable for any taxes that may be due by the corporation.
The payments as salaries to Barnes and…
2Cited by32 opinions
- Logan Lumber Company v. Commissioner of Internal RevenueCourt of Appeals for the Fifth Circuit · 1966
- Miles-Conley Co. v. Commissioner of Internal RevenueCourt of Appeals for the Fourth Circuit · 1949
- Home Interiors & Gifts, Inc. v. CommissionerUnited States Tax Court · 1980
- Owensby & Kritikos, Inc. v. CommissionerCourt of Appeals for the Fifth Circuit · 1987
- James D. Kennedy, Jr. And Dorothy H. Kennedy, and Cherokee Warehouses, Inc. v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1982
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