Terrace Corp. v. Commissioner
United States Board of Tax Appeals
One of the essential things which the Commissioner must prove in meeting the burden of proof placed upon him by statute in a transferee proceeding where he is seeking to establish a transferee liability in equity is that the transfer of assets in question, made by an individual, was made while the transferor was insolvent or resulted in the insolvency of the transferor.
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One of the essential things which the Commissioner must prove in meeting the burden of proof placed upon him by statute in a transferee proceeding where he is seeking to establish a transferee liability in equity is that the transfer of assets in question, made by an individual, was made while the transferor was insolvent or resulted in the insolvency of the transferor. It is not a sufficient meeting of this burden of proof to show that the transferor was found to be insolvent some several months after the transfer took place and that the Commissioner, although he had diligently sought to do…
1Opinion of the Court
*265OPINION.
Black :
Petitioner in its brief states the points upon which it relies, as follows:
1. The Commissioner has not met the burden of proof which devolves upon him to establish prima facie liability upon petitioner as a transferee.
2. The property conveyed by the original taxpayer to the petitioner was a homestead. Under the constitution of Florida a homestead is not a mere right of personal exemption, but a peculiar qualified estate in land of such character as not to be distrainable for Federal taxes even had title continued to stand in the original taxpayer, in other words the Government…
2Cases cited18 opinions
- Hollins v. Brierfield Coal & Iron Co.Supreme Court of the United States · 1893
- McDonald v. WilliamsSupreme Court of the United States · 1899
- Strong v. LawrenceSupreme Court of Iowa · 1882
- Sherman v. HoglandIndiana Supreme Court · 1876
- Roberts v. W. H. Hughes Co.Supreme Court of Vermont · 1912
13 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- C.B.C. Super Markets, Inc. v. CommissionerUnited States Tax Court · 1970
- John Alterman Trust v. Comm'rUnited States Tax Court · 2015
- Mundy v. CommissionerUnited States Tax Court · 1955
- Bensuade v. CommissionerUnited States Tax Court · 1964
- C.B.C. Super Markets, Inc. v. CommissionerUnited States Tax Court · 1970
7 more not listed; retrieve them via the Exa API.