Segura v. Commissioner
United States Tax Court
Associates, petitioner Segura's wholly owned corporation, while insolvent, paid a dividend to Segura by canceling a debt owed by Segura to Associates. Held, such dividend is a transfer of property sufficient to make Segura liable as a transferee within the meaning of sec. 6901, I.R.C. 1954. Whitney v. Commissioner, 26 B.T.A. 212 (1932), and Steinle v. Commissioner, 19 B.T.A. 325 (1930), distinguished.
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Associates, petitioner Segura's wholly owned corporation, while insolvent, paid a dividend to Segura by canceling a debt owed by Segura to Associates. Held, such dividend is a transfer of property sufficient to make Segura liable as a transferee within the meaning of sec. 6901, I.R.C. 1954. Whitney v. Commissioner, 26 B.T.A. 212 (1932), and Steinle v. Commissioner, 19 B.T.A. 325 (1930), distinguished. Held, further, respondent failed to prove that Associates transferred any of its assets to petitioner Segura, Inc.
1Opinion of the Court
Fay, Judge:
Respondent determined that petitioners, as transferees of assets, are liable for a deficiency of $64,227.70 in their transferor’s Federal income taxes for the transferor’s taxable years ending September 30, 1970, and September 30, 1971.1 The issues for decision are whether petitioners are transferees within the meaning of section 6901 and, if so, to what extent.2
FINDINGS OF FACT
Some of the facts have been stipulated and are found accordingly.
These cases have been consolidated for purposes of trial, briefing, and opinion.
Petitioner Perry Segura’s residence and petitioner Perry…
2Cases cited22 opinions
- Phillips v. CommissionerSupreme Court of the United States · 1931
- Commissioner v. SternSupreme Court of the United States · 1958
- National Carbide Corp. v. CommissionerSupreme Court of the United States · 1949
- Healy v. CommissionerSupreme Court of the United States · 1953
- Mayerson v. CommissionerUnited States Tax Court · 1966
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3Cited by15 opinions
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- Merriam v. CommissionerUnited States Tax Court · 1995
- Elizalde v. CommissionerUnited States Tax Court · 1984
- Edelson v. CommissionerUnited States Tax Court · 1986
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