Davies v. Commissioner
United States Tax Court
In 1987, P, former CEO and vice president of bankrupt Newbery Corp., entered into a settlement agreement regarding alleged preferential transfers. Pursuant to the agreement, P transferred $ 80,000 cash and the deed to his residence into escrow. P continued to occupy the residence after the agreement.
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In 1987, P, former CEO and vice president of bankrupt Newbery Corp., entered into a settlement agreement regarding alleged preferential transfers. Pursuant to the agreement, P transferred $ 80,000 cash and the deed to his residence into escrow. P continued to occupy the residence after the agreement. Held, transfer of $ 80,000 cash and the deed to residence into escrow satisfied the requirements of sec. 461(f): (1) A liability need not be in writing to qualify as an "asserted liability"; (2) P relinquished control of the residence by depositing the deed into escrow; and (3) the agreement…
1Opinion of the Court
Warnock Davies, Petitioner v. Commissioner of Internal Revenue, Respondent
Davies v. Commissioner
Docket No. 11045-91
United States Tax Court
101 T.C. 282; 1993 U.S. Tax Ct. LEXIS 60; 101 T.C. No. 19;
October 4, 1993, Filed
Decision will be entered under Rule 155.
In 1987, P, former CEO and vice president of bankrupt Newbery Corp., entered into a settlement agreement regarding alleged preferential transfers. Pursuant to the agreement, P transferred $ 80,000 cash and the deed to his residence into escrow. P continued to occupy the residence after the agreement. Held, transfer of $ 80,000 cash and the…
2Cases cited17 opinions
- North American Oil Consolidated v. BurnetSupreme Court of the United States · 1932
- Healy v. CommissionerSupreme Court of the United States · 1953
- Southern Pacific Transp. Co. v. CommissionerUnited States Tax Court · 1980
- Kammert Bros. Enterprises, Inc. v. Tanque Verde Plaza Co.Arizona Supreme Court · 1967
- Consolidated Freightways, Inc. & Affiliates v. CommissionerUnited States Tax Court · 1980
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