Denman Tire & Rubber Co. v. Commissioner
United States Tax Court
1. Petitioner was organized to take over as of October 1, 1937, pursuant to a revised plan of reorganization, the assets and some of the liabilities of its predecessor corporation. Among the liabilities was an obligation of $ 144,572.49 owing to the United States Government for manufacturers' excise taxes incurred by petitioner's predecessor. Petitioner executed a promissory note in payment of this indebtedness and executed a mortgage to secure the payment of the note.
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1. Petitioner was organized to take over as of October 1, 1937, pursuant to a revised plan of reorganization, the assets and some of the liabilities of its predecessor corporation. Among the liabilities was an obligation of $ 144,572.49 owing to the United States Government for manufacturers' excise taxes incurred by petitioner's predecessor. Petitioner executed a promissory note in payment of this indebtedness and executed a mortgage to secure the payment of the note. As of May 23, 1941, this obligation was reduced to $ 125,500. In November, 1941, this liability was settled for $ 50,000. On…
1Opinion of the Court
Denman Tire & Rubber Company, Petitioner, v. Commissioner of Internal Revenue, Respondent
Denman Tire & Rubber Co. v. Commissioner
Docket No. 19041
United States Tax Court
14 T.C. 706; 1950 U.S. Tax Ct. LEXIS 212;
April 28, 1950, Promulgated
Decision will be entered under Rule 50.
1. Petitioner was organized to take over as of October 1, 1937, pursuant to a revised plan of reorganization, the assets and some of the liabilities of its predecessor corporation. Among the liabilities was an obligation of $ 144,572.49 owing to the United States Government for manufacturers' excise taxes incurred by…
2Cases cited11 opinions
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- Helvering v. American Dental Co.Supreme Court of the United States · 1943
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- Green Bay Lumber Co. v. CommissionerUnited States Tax Court · 1944
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