Wayne Body Corp. v. Commissioner
United States Board of Tax Appeals
1. TRANSFEREE - LIABILITY. - Where the transferree corporation purchased all of the assets of the transferor corporaton, which assets had a net value in excess of the amount of the taxes due, and paid therefor stock of the transferee, which was issued and paid directly to the stockholders of the transferor, leaving the transferor without assets, the transferee is liable to the extent of the taxes legally due. 2. WAIVER. - Where waivers (consents in writing) are signed by a…
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1. TRANSFEREE - LIABILITY. - Where the transferree corporation purchased all of the assets of the transferor corporaton, which assets had a net value in excess of the amount of the taxes due, and paid therefor stock of the transferee, which was issued and paid directly to the stockholders of the transferor, leaving the transferor without assets, the transferee is liable to the extent of the taxes legally due. 2. WAIVER. - Where waivers (consents in writing) are signed by a corporate officer and the corporate seal affixed, and respondent's name is signed thereto, by a subordinate having…
1Opinion of the Court
*408OPINION.
Black :
The petitioner attacks the constitutionality of section 280 of the Revenue Act of 1926, under which the Commissioner acted in determining its liability as transferee. But we may not entertain the issue thus presented, Henry Cappellini, 14 B. T. A. 1269; cf. Annie G. Phillips, 42 Fed (2d) 177, now pending in the Supreme Court on certiorari; and Routzahn v. Tyroler, 36 Fed. (2d) 208; certiorari denied, 281 U. S. 734. While there has been a great mass of testimony taken on the question of the liability of the petitioner as transferee of the American Auto Trimming Company of…
2Cases cited3 opinions
- Grenell v. Detroit Gas Co.Michigan Supreme Court · 1897
- McWilliams v. Excelsior Coal Co.Court of Appeals for the Eighth Circuit · 1924
- Swing v. American Glucose Co. & Glucose Sugar Refining Co.Appellate Court of Illinois · 1905
3Cited by11 opinions
- Krueger v. CommissionerUnited States Tax Court · 1967
- Estate of Stein v. CommissionerUnited States Tax Court · 1963
- Almours Secur., Inc. v. CommissionerUnited States Board of Tax Appeals · 1936
- American Equitable Assurance Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Bateman v. CommissionerUnited States Board of Tax Appeals · 1936
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