Hales-Mullaly, Inc. v. Commissioner
United States Board of Tax Appeals
Petitioner, after acquiring by purchase part of the assets and business of another corporation, was made a party defendant to an action brought by the vendor against some of its former stockholders and employees, in which it was alleged that it had been damaged by certain overt acts performed by them prior to petitioner's incorporation in furtherance of a conspiracy entered into for the purpose of procuring its wholesale business.
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Petitioner, after acquiring by purchase part of the assets and business of another corporation, was made a party defendant to an action brought by the vendor against some of its former stockholders and employees, in which it was alleged that it had been damaged by certain overt acts performed by them prior to petitioner's incorporation in furtherance of a conspiracy entered into for the purpose of procuring its wholesale business. This action and five suits which had been brought by former salesmen against the vendor for commissions were settled by having the petitioner pay the salesmen a…
1Opinion of the Court
HALES-MULLALY, INC., A CORPORATION, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.
Hales-Mullaly, Inc. v. Commissioner
Docket No. 100853.
United States Board of Tax Appeals
46 B.T.A. 25; 1942 BTA LEXIS 920;
January 6, 1942, Promulgated
Petitioner, after acquiring by purchase part of the assets and business of another corporation, was made a party defendant to an action brought by the vendor against some of its former stockholders and employees, in which it was alleged that it had been damaged by certain overt acts performed by them prior to petitioner's incorporation in furtherance of…
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