Estate of Smith v. Commissioner

OPINION.

ARundeix, Judge:

We find no need to enter upon a discussion of the petitioners’ contentions that the Commissioner has failed to establish the insolvency of Southern and Atlantic and Empire and Bay States and has not exhausted all reasonable legal remedies for the collection of the tax from those companies before proceeding against the petitioners as transferees,' for these same questions were considered and decided adversely to the petitioners in Samuel Wilcox, 16 T. C. 572.

However, -the petitioners have advanced a secondary defense to transferee liability. Petitioners point out that…