Morganite Brush Co. v. Commissioner
United States Board of Tax Appeals
1. Corporation held liable as transferee of dissolved affiliated corporation, but only for that portion of total tax on consolidated income property allocable to such dissolved corporation. 2. Notes determined to be worthless and uncollectible, and written off during taxable period, allowed as deduction from income. 3. Special assessment allowed. 4. Organization expenses disallowed as deduction from income as business expense. 5. Granted that intercompany transactions should…
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1. Corporation held liable as transferee of dissolved affiliated corporation, but only for that portion of total tax on consolidated income property allocable to such dissolved corporation. 2. Notes determined to be worthless and uncollectible, and written off during taxable period, allowed as deduction from income. 3. Special assessment allowed. 4. Organization expenses disallowed as deduction from income as business expense. 5. Granted that intercompany transactions should be eliminated from income, but held that evidence does not show such transactions to be so included in this case. 6.…
1Opinion of the Court
*781OPINION.
GoodRIch :
Respondent seeks to hold petitioner liable as transferee for a deficiency alleged to be due from the Morgan Crucible Company of America, a corporation with which petitioner was affiliated during the period here in issue and which, upon subsequent dissolution, transferred all its assets to petitioner, of a net value in excess of the deficiency asserted. The petition, as amended, charges that this action is erroneous on the following grounds: That petitioner is liable only as an original taxpayer, not as a transferee within the meaning of section 280 of the Revenue Act of…
2Cases cited3 opinions
- United States v. S. S. White Dental Manufacturing Co.Supreme Court of the United States · 1927
- Gulf Oil Corp. v. LewellynSupreme Court of the United States · 1918
- In re Temtor Corn & Fruit Products Co.District Court, E.D. Missouri · 1924
3Cited by7 opinions
- Firemen's Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Continental Oil Co. v. HelveringCourt of Appeals for the D.C. Circuit · 1938
- Drew v. CommissionerUnited States Tax Court · 1972
- Firemen's Ins. Co. v. CommissionerUnited States Board of Tax Appeals · 1934
- Himelhoch Bros. & Co. v. CommissionerUnited States Board of Tax Appeals · 1932
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