Gonzolus Creek Oil Co. v. Commissioner
United States Board of Tax Appeals
Where a Texas corporation is dissolved and by reason of such dissolution its assets and transferred to those composing its board of directors, as trustees for the creditors and stockholders of the corporation, and where such trustees enter into no new operations, held, that the trustees neither by themselves nor in connection with the stockholders of the dissolved corporation constitute an association within the meaning of the Revenue Acts of 1918 and 1921.
1Opinion of the Court
*318OPINION.
Milliken:
The deficiency involved in this proceeding arises from the fact that respondent, having determined that the trustees in dissolution were taxable as a trust, has reversed his position and now determines that the organization represented by them was an association and therefore taxable as a corporation.
The trust under which petitioners were acting was not created by any trust agreement. It was not founded on contract. It was the creature of statute and all the rights, powers and duties of the trustees were derived from the Texas statute. Article 1205 of the Revised Statutes of…
2Cases cited8 opinions
- Flint v. Stone Tracy Co.Supreme Court of the United States · 1911
- Hecht v. MalleySupreme Court of the United States · 1924
- Von Baumbach v. Sargent Land Co.Supreme Court of the United States · 1917
- Crocker v. MalleySupreme Court of the United States · 1919
- Edwards v. Chile Copper Co.Supreme Court of the United States · 1926
3 more not listed; retrieve them via the Exa API.
3Cited by1 opinion
- Gonzolus Creek Oil Co. v. CommissionerUnited States Board of Tax Appeals · 1928