G&G Records, Inc. v. Commissioner
United States Tax Court
In 1972, G, a corporation, sold its principal asset. G failed to report the transaction in its 1972 return, and has conceded that respondent's determination of additional unreported income for that year is correct.
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In 1972, G, a corporation, sold its principal asset. G failed to report the transaction in its 1972 return, and has conceded that respondent's determination of additional unreported income for that year is correct. Held, that G's return for 1972 was fraudulent, and the statute of limitations does not bar the assessment of deficiencies and additions to tax for 1972. Beginning in 1972, and extending into 1975, at a time when G had outstanding debts and tax liabilities, P, who was G's president and sole shareholder, caused a total of $45,396 to be withdrawn from the corporation's bank account…
1Opinion of the Court
G&G RECORDS, INC., ET AL, * Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
G&G Records, Inc. v. Commissioner
Docket Nos. 20305-80, 20306-80, 20307-80.
United States Tax Court
T.C. Memo 1983-343; 1983 Tax Ct. Memo LEXIS 444; 46 T.C.M. (CCH) 430; T.C.M. (RIA) 83343;
June 13, 1983.
In 1972, G, a corporation, sold its principal asset. G failed to report the transaction in its 1972 return, and has conceded that respondent's determination of additional unreported income for that year is correct. Held, that G's return for 1972 was fraudulent, and the statute of limitations does not bar the…
2Cases cited45 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- Spies v. United StatesSupreme Court of the United States · 1943
- Commissioner v. Glenshaw Glass Co.Supreme Court of the United States · 1955
- Stone v. CommissionerUnited States Tax Court · 1971
- Gajewski v. CommissionerUnited States Tax Court · 1976
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