Bertoli v. Commissioner
United States Tax Court
P is the sole general partner of RCC. P's brother, R, in an attempt to defraud creditors, caused the transfer of both personal and corporate assets to RCC. As alleged consideration for the transfers, P issued a note and RCC and/or P assumed outstanding debentures of DOC, the transferor corporation. The asset transfers were held to be fraudulent conveyances by the Trial Division of the New Jersey Superior Court, and RCC's assets were placed into a receivership.
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P is the sole general partner of RCC. P's brother, R, in an attempt to defraud creditors, caused the transfer of both personal and corporate assets to RCC. As alleged consideration for the transfers, P issued a note and RCC and/or P assumed outstanding debentures of DOC, the transferor corporation. The asset transfers were held to be fraudulent conveyances by the Trial Division of the New Jersey Superior Court, and RCC's assets were placed into a receivership. As a result, P wrote down the book value of RCC's assets to zero and claimed substantial losses. R has moved for partial summary…
1Opinion of the Court
OPINION
Nims, Judge:
Respondent determined deficiencies in petitioners’ Federal income taxes for the taxable years 1986 and 1987 in the amounts of $195,221 and $9,041, respectively. Respondent further determined additions to tax for 1986 and 1987 under sections 6661 and 6653(a)(1)(A) and (B). Additionally, respondent determined an addition to tax for 1986 under section 6651(a)(1).
Unless otherwise indicated, all section references are to the Internal Revenue Code in effect for the years in issue. All Rule references are to the Tax Court Rules of Practice and Procedure.
Pursuant to Rule 121…
2Cases cited33 opinions
- Parklane Hosiery Co. v. ShoreSupreme Court of the United States · 1979
- Montana v. United StatesSupreme Court of the United States · 1979
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Kremer v. Chemical Construction Corp.Supreme Court of the United States · 1982
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
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3Cited by22 opinions
- Asa Investerings Partnership,appellants v. Commissioner of Internal RevenueCourt of Appeals for the D.C. Circuit · 2000
- Swanson v. CommissionerUnited States Tax Court · 1996
- Brotman v. CommissionerUnited States Tax Court · 1995
- Johnston v. Comm'rUnited States Tax Court · 2002
- John E. Rogers & Frances L. Rogers v. CommissionerUnited States Tax Court · 2018
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