Federal Oil Corp. v. Commissioner
United States Board of Tax Appeals
Where the petitioner acquired all the assets of a taxpayer corporation and assumed its liabilities, exchanging therefor capital stock of a par value equal to the fair market value of the assets as determined by the parties, the petitioner is liable for any income or excess-profits taxes due from the taxpayer.
1Opinion of the Court
OPINION.
Lansdon:
This is a proceeding under section 280 of the Revenue Act of 1926. The respondent has asserted that the petitioner is liable at law or in equity for the payment of deficiencies in income and excess-profits taxes due from the Federal Oil Company for 1920, 1921 and 1922, in the respective amounts of $174,926.64, $49,226.15, and $4,414.45. At the hearing the parties stipulated that in case the Board should find the petitioner liable as transferee of assets of the taxpayer, the correct tax liability is $9,345.81 for 1920 and no *623deficiencies for 1921 and 1922. It is also stipulated…
2Cases cited4 opinions
- Northern Pacific Railway Co. v. BoydSupreme Court of the United States · 1913
- American Railway Express Co. v. Royster Guano Co.Supreme Court of the United States · 1927
- American Railway Express Co. v. F. S. Royster Guano Co.Supreme Court of Virginia · 1925
- Jackson v. Knights & Ladies of the OrientSupreme Court of Kansas · 1917
3Cited by3 opinions
- Resthaven Memorial Cemetery v. CommissionerUnited States Board of Tax Appeals · 1934
- Federal Oil Corp. v. CommissionerUnited States Board of Tax Appeals · 1931
- Park & Tilford v. CommissionerUnited States Board of Tax Appeals · 1941