Marix v. Commissioner
United States Tax Court
1. Under section 311 (b) (1), I. R. C., the Commissioner has one year after the expiration of the period of limitation for assessment of taxes against the taxpayer within which to proceed against a transferee of the taxpayer's assets, and the provisions of section 311 (b) (1) are applicable notwithstanding that the period of limitation against the taxpayer is computed under section 275 (b), I. R. C. 2. Stockholders, who were distributees of assets of a dissolved corporation…
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1. Under section 311 (b) (1), I. R. C., the Commissioner has one year after the expiration of the period of limitation for assessment of taxes against the taxpayer within which to proceed against a transferee of the taxpayer's assets, and the provisions of section 311 (b) (1) are applicable notwithstanding that the period of limitation against the taxpayer is computed under section 275 (b), I. R. C. 2. Stockholders, who were distributees of assets of a dissolved corporation which had complied with requirements of section 275 (b), held liable as transferees for deficiencies in excess profits…
1Opinion of the Court
OPINION.
Raum, Judge:
The sole question presented for decision is whether the Commissioner is barred by limitations from asserting liability against stockholders of a dissolved corporation with respect to excess profits taxes of the corporation. The pertinent provisions of the Internal Revenue Code are set forth in the margin,3 and the controversy turns upon the applicability of section 311 (b) (1), which allows the Commissioner to proceed against a transferee of a taxpayer’s assets within a year after the expiration of the basic period of limitation for assessment against the taxpayer. If…
2Cases cited1 opinion
- Cage v. CommissionerUnited States Tax Court · 1950
3Cited by7 opinions
- Lawrence v. CommissionerUnited States Tax Court · 1957
- Estate of Walker v. CommissionerUnited States Tax Court · 1988
- N. B. Drew v. The United States. The Valley National Bank of Arizona, of the Estate of William F. Drew, Deceased v. The United StatesUnited States Court of Claims · 1965
- Estate of Walker v. CommissionerUnited States Tax Court · 1988
- Lawrence v. CommissionerUnited States Tax Court · 1957
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