Gideon-Anderson Co. v. Commissioner
United States Board of Tax Appeals
1. Held that the petitioner is transferee of the assets of the Gideon-Anderson Lumber & Mercantile Co. and as such is answerable for the deficiencies in tax liability of that company for the years 1920 and 1921. 2. Held that the deficiencies in tax of the Gideon-Anderson Lumber & Mercantile Co. for 1920 and 1921 are not barred by the statute of limitations.
1Opinion of the Court
*108OPINION.
Teammelii :
The petitioner contends that.it is not liable in law or in equity as a transferee of the assets of Gideon-Anderson Lumber & Mercantile Co. as it paid full value for such assets.
While we recognize the general and well settled rule that where one corporation in good faith sells or transfers all of its assets to *109another for a fair consideration, the transferee corporation is not liable for the debts and the liabilities of the transferor, Metropolitan Securities Corporation, 19 B. T. A. 299, we do not think this is such a case.
It is well settled that where one corporation…
2Cases cited6 opinions
- Rensselaer & S. R. v. IrwinCourt of Appeals for the Second Circuit · 1918
- American Railway Express Company v. CommonwealthCourt of Appeals of Kentucky (pre-1976) · 1920
- Hibernia Ins. v. St. Louis & New Orleans Transp. Co.U.S. Circuit Court for the District of Eastern Missouri · 1882
- Grenell v. Detroit Gas Co.Michigan Supreme Court · 1897
- McWilliams v. Excelsior Coal Co.Court of Appeals for the Eighth Circuit · 1924
1 more not listed; retrieve them via the Exa API.
3Cited by12 opinions
- Gumm v. CommissionerUnited States Tax Court · 1989
- Diamond Gardner Corp. v. CommissionerUnited States Tax Court · 1962
- Turnbull, Inc. v. CommissionerUnited States Tax Court · 1964
- Frank Sawyer Trust of May 1992 v. Comm'rUnited States Tax Court · 2009
- Louisiana & A. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1933
7 more not listed; retrieve them via the Exa API.