B. D. Phillips, Inc. v. Commissioner

GOODRICH, Circuit Judge.

This appeal involves personal holding company surtaxes for the years 1937 and 1938. The petitioners are B. D. Phillips, Incorporated, a Delaware corporation, and B. D. Phillips, its sole shareholder. The latter, it has been stipulated, is liable as the transferee of the entire assets of the corporation for any deficiencies in taxes determined to be due from the corporation for the years in question. The issue presented is whether certain payments made by the corporate taxpayer in the years 1937 and 1938 were deductible as amounts used to discharge a pre-1934…