Albert v. Commissioner
United States Tax Court
T, which was insolvent, transferred its remaining assets to the petitioner in 1965. At the time of the transfer, the president of T was aware that T's tax returns were under audit and that it had filed a delinquent return for 1960. In 1966, the audit was completed, and the respondent demanded payment of a delinquency penalty for 1960 and interest.
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T, which was insolvent, transferred its remaining assets to the petitioner in 1965. At the time of the transfer, the president of T was aware that T's tax returns were under audit and that it had filed a delinquent return for 1960. In 1966, the audit was completed, and the respondent demanded payment of a delinquency penalty for 1960 and interest. Held, under the circumstances, the respondent is entitled to share pro rata with the petitioner in the assets transferred in 1965, in accord with Texas law.
1Opinion of the Court
SisipsoN, Judge:
Tlie respondent determined that the petitioner was liable as transferee for an addition to tax of Jo-Jud Corporation and interest in the amount of $3,195.29. There is no dispute over the liability of Jo-Jud Corporation for the addition to tax and interest determined by the respondent. The sole issue for decision is whether the petitioner is liable as a transferee for such addition to tax and interest.
FINDINGS OK FACT
Some of the facts have been stipulated, and those facts are so found.
The petitioner, Helen R,. Albert, maintained her residence in San Antonio, Tex., at the time…
2Cases cited21 opinions
- Commissioner v. SternSupreme Court of the United States · 1958
- Lyons-Thomas Hardware Co. v. Perry Stove Manufacturing Co.Texas Supreme Court · 1893
- Leach v. CommissionerUnited States Tax Court · 1953
- Darcy v. Brooklyn & New York Ferry Co.New York Court of Appeals · 1909
- R. M. Waggoner v. Herring-Showers Lbr. Co.Texas Supreme Court · 1931
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3Cited by8 opinions
- Scott v. CommissionerUnited States Tax Court · 1978
- D'Agostino v. CommissionerUnited States Tax Court · 1973
- Hutcherson v. CommissionerUnited States Tax Court · 1984
- Albert v. CommissionerUnited States Tax Court · 1971
- Fugate v. CommissionerUnited States Tax Court · 1977
3 more not listed; retrieve them via the Exa API.