Resthaven Memorial Cemetery v. Commissioner
United States Board of Tax Appeals
The Resthaven Memorial Trust transferred in 1928 all its assets to the petitioner in exchange for petitioner's capital stock and its contract to pay the liabilities of the trust.
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The Resthaven Memorial Trust transferred in 1928 all its assets to the petitioner in exchange for petitioner's capital stock and its contract to pay the liabilities of the trust. Held, petitioner is liable as a transferee for the unpaid Federal income tax of the trust for the taxable year 1927; held, further, that, in determining the profits of the Resthaven Memorial Trust on its sales of cemetery lots in the taxable year 1927, there may not be added to the cost thereof anything more than the amount actually expended on the lots prior to the end of the taxable year.
1Opinion of the Court
RESTHAVEN MEMORIAL CEMETERY, INCORPORATED, FORMERLY RESTHAVEN MEMORIAL TRUST, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Resthaven Memorial Cemetery v. Commissioner
Docket No. 51743.
United States Board of Tax Appeals
30 B.T.A. 383; 1934 BTA LEXIS 1337;
April 13, 1934, Promulgated
The Resthaven Memorial Trust transferred in 1928 all its assets to the petitioner in exchange for petitioner's capital stock and its contract to pay the liabilities of the trust. Held, petitioner is liable as a transferee for the unpaid Federal income tax of the trust for the taxable year 1927; held,…
2Cases cited1 opinion
- Resthaven Memorial Cemetery v. CommissionerUnited States Board of Tax Appeals · 1934