Collegiate Cap & Gown Co. v. Commissioner
United States Tax Court
In a reorganization under sec. 368(a)(1)(C), I.R.C. 1954, P acquired the business and substantially all of the assets of C & G, including the right of C & G to any tax refunds. Under sec. 6411, I.R.C. 1954, C & G applied for a tentative carryback of its loss for its final taxable year to its prior taxable years, and a refund of $ 680,732 was paid to P. The respondent later determined that a portion of the carryback which had been tentatively allowed should be disallowed.
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In a reorganization under sec. 368(a)(1)(C), I.R.C. 1954, P acquired the business and substantially all of the assets of C & G, including the right of C & G to any tax refunds. Under sec. 6411, I.R.C. 1954, C & G applied for a tentative carryback of its loss for its final taxable year to its prior taxable years, and a refund of $ 680,732 was paid to P. The respondent later determined that a portion of the carryback which had been tentatively allowed should be disallowed. Held, P is a transferee in equity of C & G as to the recovery of the portion of the refund that is erroneous.
1Opinion of the Court
Simpson, Judge:
The respondent determined that tbe petitioner was liable as transferee for deficiencies in tbe income tax of Cap & Gown Co. for tbe fiscal years 1963 and 1964 in tbe amounts of $136,827 and $163,958, respectively. The issues in this case have been severed, and the only issue to be decided herein is whether tbe petitioner is liable as a transferee of Cap & Gown Co. under section 6901, I.R.C. 1954.1
FINDINGS OF FACT
Some of tbe facts have been stipulated, and those facts are so found.
Tbe petitioner, Collegiate Cap & Gown Co. (Collegiate), is a corporation, incorporated on January…
2Cases cited10 opinions
- Commissioner v. SternSupreme Court of the United States · 1958
- Olender v. United StatesCourt of Appeals for the Ninth Circuit · 1954
- Polachek v. CommissionerUnited States Tax Court · 1954
- Neri v. CommissionerUnited States Tax Court · 1970
- Frank Vloutis v. United StatesCourt of Appeals for the Fifth Circuit · 1955
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