Fugate v. Commissioner
United States Tax Court
Held, withdrawals made by P were corporate distributions and not bona fide loans; held, further, P is a transferee of Air Charters, Inc., and is liable under State law for such corporation's income tax deficiencies to the extent of the property he received.
1Opinion of the Court
EARL W. FUGATE and FAYE FUGATE, and EARL W. FUGATE, Transferee, Petitioners v. COMMISSIONER OF INTERNAL REVENUE, Respondent
Fugate v. Commissioner
Docket No. 8703-74.
United States Tax Court
T.C. Memo 1977-18; 1977 Tax Ct. Memo LEXIS 423; 36 T.C.M. (CCH) 85; T.C.M. (RIA) 770018;
January 27, 1977, Filed
Held, withdrawals made by P were corporate distributions and not bona fide loans; held, further, P is a transferee of Air Charters, Inc., and is liable under State law for such corporation's income tax deficiencies to the extent of the property he received.
William S. Wood, for the petitioners.
Michael…
2Cases cited16 opinions
- Commissioner v. SternSupreme Court of the United States · 1958
- Electric & Neon, Inc. v. CommissionerUnited States Tax Court · 1971
- Estate of E. W. Chism, Deceased, Clara Chism, and Clara Chism v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1963
- Baird v. CommissionerUnited States Tax Court · 1955
- Alterman Foods, Inc. v. United StatesCourt of Appeals for the Fifth Circuit · 1975
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