McKnight v. Commissioner
United States Tax Court
Under section 311 of the Internal Revenue Code, petitioner is held liable as a transferee of assets of the Merchants Warehouse Co. for unpaid income and declared value excess profits taxes due from that company.
1Opinion of the Court
OPINION.
Leech, Judge:
The liability of the Merchants Warehouse Co. for the taxes here in question has been finally determined by decision of this Court in Estate of L. E. McKnight, 8 T. C. 871. The moneys realized by McCourt in his liquidation of the Merchants Warehouse Co. constituted in his hands a trust fund held first for the creditors of that corporation and secondly, as to any excess over and above corporate debts, for the owner of the stock of the corporation, which was the estate of L. E. McKnight, for which McCourt was acting as administrator. Updike v. United States, 8 Fed. (2d) 913,…
2Cases cited5 opinions
- Clement Gunn v. The United States of AmericaSupreme Court of the United States · 1926
- McKnight v. CommissionerUnited States Tax Court · 1947
- Muller v. CommissionerUnited States Tax Court · 1948
- Combs v. CombsTennessee Supreme Court · 1914
- Wisconsin v. IllinoisSupreme Court of the United States · 1926
3Cited by3 opinions
- Burnett Schwartz and Estate of Max L. Raskin, Deceased v. Commissioner of Internal RevenueCourt of Appeals for the Eighth Circuit · 1977
- McKnight v. CommissionerUnited States Tax Court · 1950
- Schwartz v. CommissionerUnited States Tax Court · 1975