Gould v. Commissioner
United States Board of Tax Appeals
1. Petitioner, Ezra Gould, held to have acted merely as agent in the transactions which culminated in the liquidation of the taxpayer and, having received no assets of the taxpayer, is not liable as a transferee. 2. Petitioner, Merchants Bank & Trust Co., having received assets of the taxpayer in liquidation, is held to be liable as a transferee. 3. Transfer of a bank building by the taxpayer in liquidation did not give rise to gain. 4. Respondent's disallowance of claimed…
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1. Petitioner, Ezra Gould, held to have acted merely as agent in the transactions which culminated in the liquidation of the taxpayer and, having received no assets of the taxpayer, is not liable as a transferee. 2. Petitioner, Merchants Bank & Trust Co., having received assets of the taxpayer in liquidation, is held to be liable as a transferee. 3. Transfer of a bank building by the taxpayer in liquidation did not give rise to gain. 4. Respondent's disallowance of claimed deduction for depreciation sustained for lack of evidence.
1Opinion of the Court
*827OPINION.
Aeundell:
The question of the constitutionality of section 280 of the Revenue Act of 1926 has heretofore been urged in a number of cases and we have held, ever since the decision in Henry Cappellini, 14 B. T. A. 1269, that a person against whom a transferee liability is asserted and who appeals to this Board may not question the validity of the statute.
We will consider first the question of whether the petitioners are liable as transferees of property of the Dupont Bank. The burden of proving such liability is placed on the respondent by section 912 of the Revenue Act of 1926, which…
2Cases cited1 opinion
- Barron v. McKinnonCourt of Appeals for the First Circuit · 1912
3Cited by8 opinions
- Grieb v. CommissionerUnited States Tax Court · 1961
- Gould v. CommissionerUnited States Board of Tax Appeals · 1930
- Graham v. CommissionerUnited States Board of Tax Appeals · 1932
- Grieb v. CommissionerUnited States Tax Court · 1961
- Guinness v. United StatesUnited States Court of Claims · 1947
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