Bertoli v. Commissioner
United States Tax Court
P is the sole general partner of RCC. P's brother, R, in an attempt to defraud creditors, caused the transfer of both personal and corporate assets to RCC. As alleged consideration for the transfers, P issued a note and RCC and/or P assumed outstanding debentures of DOC, the transferor corporation. The asset transfers were held to be fraudulent conveyances by the Trial Division of the New Jersey Superior Court, and RCC's assets were placed into a receivership.
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P is the sole general partner of RCC. P's brother, R, in an attempt to defraud creditors, caused the transfer of both personal and corporate assets to RCC. As alleged consideration for the transfers, P issued a note and RCC and/or P assumed outstanding debentures of DOC, the transferor corporation. The asset transfers were held to be fraudulent conveyances by the Trial Division of the New Jersey Superior Court, and RCC's assets were placed into a receivership. As a result, P wrote down the book value of RCC's assets to zero and claimed substantial losses. R has moved for partial summary…
1Opinion of the Court
John E. Bertoli and Frances Bertoli, Petitioners v. Commissioner of Internal Revenue, Respondent
Bertoli v. Commissioner
Docket No. 13648-92
United States Tax Court
103 T.C. 501; 1994 U.S. Tax Ct. LEXIS 73; 103 T.C. No. 29;
October 24, 1994, Filed
An appropriate order will be issued.
P is the sole general partner of RCC. P's brother, R, in an attempt to defraud creditors, caused the transfer of both personal and corporate assets to RCC. As alleged consideration for the transfers, P issued a note and RCC and/or P assumed outstanding debentures of DOC, the transferor corporation. The asset transfers…
2Cases cited35 opinions
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- Montana v. United StatesSupreme Court of the United States · 1979
- Commissioner v. SunnenSupreme Court of the United States · 1948
- Kremer v. Chemical Construction Corp.Supreme Court of the United States · 1982
- Commissioner v. Estate of BoschSupreme Court of the United States · 1967
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