Diamond Gardner Corp. v. Commissioner
United States Tax Court
Held, where taxpayer transferred assets after the period of limitation for assessment of taxes, transferee, petitioner, was not liable as transferee under section 311, I.R.C. 1939, upon its assumption contract, made at the time of the transfer, wherein it "assumes all of the liabilities of [transferor]."
1Opinion of the Court
OPINION.
Mulroney, Judge:
The respondent determined that petitioner is liable as transferee of the assets of General Package Corporation for the income tax due from that corporation for the year 1951 in the amount of $102,489.46, plus interest. The issue is whether petitioner, which acquired the assets and assumed the liabilities of the transferor, is liable as transferee for taxes of the transferor that were barred by the statute of limitations at the time of transfer.
All of the facts were stipulated and they are so found.
Diamond Gardner Corporation, hereinafter called petitioner, was…
2Cases cited8 opinions
- United States v. ScottCourt of Appeals for the Eighth Circuit · 1948
- California Iron Yards Corp. v. Commissioner of Int. Rev.Court of Appeals for the Ninth Circuit · 1936
- Gideon-Anderson Co. v. CommissionerUnited States Board of Tax Appeals · 1930
- Melahn v. CommissionerUnited States Tax Court · 1947
- Moore v. Investment Properties Corp.Court of Appeals for the Ninth Circuit · 1934
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3Cited by19 opinions
- Arthur C. Ewing A/K/A A. Clifford Ewing Maxine H. Ewing v. United StatesCourt of Appeals for the Fourth Circuit · 1990
- Hoffman v. Comm'rUnited States Tax Court · 2002
- Alexander v. United StatesCourt of Appeals for the Fifth Circuit · 1995
- Estate of Mansy Y. Michael, by David Michael v. M.J. Lullo, District Director of Internal Revenue ServiceCourt of Appeals for the Fourth Circuit · 1999
- UNION CARBIDE CORP. v. COMMISSIONERUnited States Tax Court · 1998
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