Kinnett-Odom Co. v. Commissioner
United States Board of Tax Appeals
TRANSFEREE - LIABILITY. - Where the petitioner purchased from the taxpayer its tangible assets only, and taxpayer retained its cash, bills and accounts receivable, and stock on hand, and respondent did not prove that the value of these retained assets was less than the amount of the tax, and there is no evidence of bad faith, there is no liability of petitioner under section 280.
1Opinion of the Court
KINNETT-ODOM CO., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Kinnett-Odom Co. v. Commissioner
Docket No. 20659.
United States Board of Tax Appeals
19 B.T.A. 1124; 1930 BTA LEXIS 2261;
May 26, 1930, Promulgated
TRANSFEREE - LIABILITY. - Where the petitioner purchased from the taxpayer its tangible assets only, and taxpayer retained its cash, bills and accounts receivable, and stock on hand, and respondent did not prove that the value of these retained assets was less than the amount of the tax, and there is no evidence of bad faith, there is no liability of petitioner under section…
2Cases cited1 opinion
- Kinnett-Odom Co. v. CommissionerUnited States Board of Tax Appeals · 1930