American Equitable Assurance Co. v. Commissioner
United States Board of Tax Appeals
1. TRANSFEREE LIABILITY. - Where in 1926 petitioner, a corporation, purchased certain assets from another corporation and as a part of the consideration therefor agreed to pay all taxes, Federal, state, or otherwise, if and when determined, for all years prior to the year 1926, and where respondent has determined a deficiency against the transferor corporation for the year 1922, and where the value of the property so transferred is far greater than the amount of the tax…
Read the full summary
1. TRANSFEREE LIABILITY. - Where in 1926 petitioner, a corporation, purchased certain assets from another corporation and as a part of the consideration therefor agreed to pay all taxes, Federal, state, or otherwise, if and when determined, for all years prior to the year 1926, and where respondent has determined a deficiency against the transferor corporation for the year 1922, and where the value of the property so transferred is far greater than the amount of the tax determined against the transferor, petitioner is liable as a transferee of property under the provisions of section 280,…
1Opinion of the Court
*252OPINION.
Black:
At the hearing and by brief counsel for the respondent based his entire contention as to the transferee liability of petitioner upon the contract liability, if any, of the petitioner to pay the tax in question, resulting from its assumption of certain debts and liabilities of Norwegian Atlas in the contract of May 25, 1926. Respondent contends that petitioner’s agreement to pay the tax involved in this proceeding was a part of the very consideration for the assets which it received from the Norwegian Atlas. In Wolf Mfg. Industries, Bankrupt, etc. v. United States, 56 Fed. (2d)…
2Cases cited12 opinions
- Hendrick v. LindsaySupreme Court of the United States · 1876
- Dean v. WalkerIllinois Supreme Court · 1882
- Ransdel v. MooreIndiana Supreme Court · 1899
- Tinkler v. SwaynieIndiana Supreme Court · 1880
- Chicago Title & Trust Co. v. Central Trust Co.Illinois Supreme Court · 1924
7 more not listed; retrieve them via the Exa API.
3Cited by21 opinions
- Hefti v. CommissionerUnited States Tax Court · 1991
- Eversole v. CommissionerUnited States Tax Court · 1966
- Harder Services, Inc. v. CommissionerUnited States Tax Court · 1976
- Freytag v. CommissionerUnited States Tax Court · 1998
- Parker v. CommissionerUnited States Board of Tax Appeals · 1934
16 more not listed; retrieve them via the Exa API.