Lowy v. Commissioner
United States Tax Court
Liability of stockholder-transferee of all of the assets of a wholly owned corporation for interest on deficiencies in tax due from the transferor for the years 1942 and 1943, begins on March 15, 1943, and March 15, 1944 (the due dates for the filing of returns and payment of taxes), where the value of the distributed assets substantially exceeded the amounts of the deficiencies, additions to tax, and potential interest owing by the transferor; such liability for interest is…
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Liability of stockholder-transferee of all of the assets of a wholly owned corporation for interest on deficiencies in tax due from the transferor for the years 1942 and 1943, begins on March 15, 1943, and March 15, 1944 (the due dates for the filing of returns and payment of taxes), where the value of the distributed assets substantially exceeded the amounts of the deficiencies, additions to tax, and potential interest owing by the transferor; such liability for interest is governed by section 292 of the Internal Revenue Code of 1939 and not by State law.
1Opinion of the Court
OPINION.
Raum, Judge:
The only remaining issue in this case relates to petitioner’s liability, as transferee of assets of American Rolbal Corporation, for interest on deficiencies in tax of that corporation for the years 1942 and 1943. Deficiencies against the corporation (including additions to tax pursuant to sections 293(b) and 291(a) of the 1939 Code for fraud and failure to file returns) were adjudicated iby this Court, and its decision was affirmed by the Court of Appeals for the Second Circuit on March 29, 1955. American Rolbal Corporation v. Commissioner, 220 F. 2d 749. Shortly…
2Cases cited20 opinions
- Phillips v. CommissionerSupreme Court of the United States · 1931
- Commissioner v. SternSupreme Court of the United States · 1958
- Koppers Co. v. CommissionerUnited States Tax Court · 1944
- Patterson v. SimsCourt of Appeals for the Fifth Circuit · 1960
- Robinette v. Commissioner of Internal RevenueCourt of Appeals for the Sixth Circuit · 1943
15 more not listed; retrieve them via the Exa API.
3Cited by47 opinions
- Mysse v. CommissionerUnited States Tax Court · 1972
- Stein v. CommissionerUnited States Tax Court · 1962
- 508 Clinton St. Corp. v. CommissionerUnited States Tax Court · 1987
- United States v. Rocky Mountain Holdings, Inc.District Court, E.D. Pennsylvania · 2011
- Ewart v. CommissionerUnited States Tax Court · 1985
42 more not listed; retrieve them via the Exa API.