Fibel v. Commissioner
United States Tax Court
1. Held, that where transferor corporation failed to distribute all of its assets (less those retained to meet claims) to its stockholders within 12 months after adopting a plan of complete liquidation, it is not entitled to the benefits of the nonrecognition-of-gain provisions of section 337(a), I.R.C. 1954, with respect to gain realized upon the condemnation of its improved real property by the City of New York. 2. Held, further, that petitioners are liable as transferees,…
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1. Held, that where transferor corporation failed to distribute all of its assets (less those retained to meet claims) to its stockholders within 12 months after adopting a plan of complete liquidation, it is not entitled to the benefits of the nonrecognition-of-gain provisions of section 337(a), I.R.C. 1954, with respect to gain realized upon the condemnation of its improved real property by the City of New York. 2. Held, further, that petitioners are liable as transferees, or transferees of transferees, of the transferor corporation for the deficiency in its 1956 income tax liability…
1Opinion of the Court
Pierce, Judge:
Respondent notified petitioners that they were liable as transferees or as transferees of transferees, of the assets of the 213 Greene Street Corp., in respect of an alleged deficiency of $44,106.40 in the corporation’s 1956 income tax, plus interest thereon as provided by law. Also, the respondent, by amendment to his anwer in docket No. 1415-63, at the trial herein, asserted transferee liability in an increased amount against petitioner Kalmin Fibel. In said amendment, respondent alleged that Kalmin was the transferee of cash and other property in the amount of $46,831.74,…
2Cases cited4 opinions
- Commissioner v. SternSupreme Court of the United States · 1958
- Wall v. United StatesCourt of Appeals for the Fourth Circuit · 1947
- Wood Harmon Corporation v. United StatesDistrict Court, S.D. New York · 1962
- 44 West 3rd Street Corp. v. CommissionerUnited States Tax Court · 1963
3Cited by24 opinions
- Kean v. CommissionerUnited States Tax Court · 1988
- Adams v. CommissionerUnited States Tax Court · 1978
- Hagaman v. CommissionerUnited States Tax Court · 1993
- Merriam v. CommissionerUnited States Tax Court · 1995
- Pert v. CommissionerUnited States Tax Court · 1995
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