Gensinger v. Commissioner
United States Tax Court
1. Income -- Gain From Sale -- Corporation's or Sole Stockholder's? -- When a corporation in the ordinary course of its business delivered apricots from its orchards to a marketing cooperative which then mixed them in pools with the apricots of other growers, sold the pools, and paid the proceeds from the apricots grown by the corporation to a creditor of the corporation, the corporation in the meantime having commenced dissolution, the amount so paid is taxable to the…
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1. Income -- Gain From Sale -- Corporation's or Sole Stockholder's? -- When a corporation in the ordinary course of its business delivered apricots from its orchards to a marketing cooperative which then mixed them in pools with the apricots of other growers, sold the pools, and paid the proceeds from the apricots grown by the corporation to a creditor of the corporation, the corporation in the meantime having commenced dissolution, the amount so paid is taxable to the corporation and not to the sole stockholder. 2. Id. -- Proceeds from sale of peaches similarly held taxable to corporation.…
1Opinion of the Court
OPINION.
MuRBOck, Judge:
The petitioner stipulated that he received assets sufficient to make him liable as a transferee for the deficiencies, the additions to the tax and all interest imposed by law. His only defenses are that the transferor did not owe the taxes and the additions thereto, and the period of limitation on assessment against and collection from the petitioner had expired prior to the date of the mailing of the notice of transferee liability. The latter question may depend upon the answer to the tax liability of the transferor and therefore the question of the tax liability of…
2Cases cited11 opinions
- Cohan v. Commissioner of Internal RevenueCourt of Appeals for the Second Circuit · 1930
- Commissioner v. Court Holding Co.Supreme Court of the United States · 1945
- Commissioner v. Lane-Wells Co.Supreme Court of the United States · 1944
- The Evergreens v. NunanCourt of Appeals for the Second Circuit · 1944
- Marston v. RueWashington Supreme Court · 1916
6 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Stevens Bros. Foundation, Inc. v. CommissionerUnited States Tax Court · 1962
- Gensinger v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1953
- Atlas Oil & Refining Corp. v. CommissionerUnited States Tax Court · 1954
- A. B. C. D. Lands, Inc. v. CommissionerUnited States Tax Court · 1964
- Century Data Systems, Inc. v. CommissionerUnited States Tax Court · 1983
15 more not listed; retrieve them via the Exa API.