Rowan Drilling Co. v. Commissioner
United States Board of Tax Appeals
1. The Rowan Drilling Co., a Texas corporation, transferred all of its assets to petitioner, a Delaware corporation organized for that purpose, and was dissolved April 24, 1934. In December 1934 a waiver was filed extending the statutory limitation period for assessment of income tax against the transferor for 1932. It bore the seal of the petitioner, but petitioner had the same officers, directors, and stockholders and corporate name as the transferor.
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1. The Rowan Drilling Co., a Texas corporation, transferred all of its assets to petitioner, a Delaware corporation organized for that purpose, and was dissolved April 24, 1934. In December 1934 a waiver was filed extending the statutory limitation period for assessment of income tax against the transferor for 1932. It bore the seal of the petitioner, but petitioner had the same officers, directors, and stockholders and corporate name as the transferor. The waiver was for the "taxpayer", and was signed by Rowan, who was vice president of both corporations. Held, that the waiver is valid and…
1Opinion of the Court
*193OPINION.
Issue I.
Disney :
The petitioner admits that it is a transferee of the trans-feror, but contends that assessment of the tax liability of the transferor is barred by the statute of limitations by reason of the invalidity of the waiver executed on December 4, 1934, extending the statutory period of two years to June 30, 1935, and that therefore there is no transferee liability against the petitioner. Counsel for the petitioner frankly admits that “under the circumstances present here” the transferee was authorized to act for the transferor and “that the waiver which it executed was valid”…
2Cases cited3 opinions
- Anderson v. HelveringSupreme Court of the United States · 1940
- Helvering v. Wilshire Oil Co.Supreme Court of the United States · 1939
- F. H. E. Oil Co. v. HelveringSupreme Court of the United States · 1939
3Cited by10 opinions
- Estate of Ming v. CommissionerUnited States Tax Court · 1974
- Commissioner of Int. Rev. v. Rowan Drilling Co.Court of Appeals for the Fifth Circuit · 1942
- Terminal Drilling & Production Co. v. CommissionerUnited States Tax Court · 1959
- Commissioner of Int. Rev. v. Rowan Drilling Co.Court of Appeals for the Fifth Circuit · 1942
- Estate of Ming v. CommissionerUnited States Tax Court · 1974
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