Georgia, F. & A. R. Co. v. Commissioner
United States Board of Tax Appeals
1. Petitioner held liable as transferee both at law and in equity for any deficiency in tax due from the Railway Co. where it received, in exchange for its stock and bonds, net assets of the Railway Co. of a value in excess of the amount of the deficiency herein involved and where it, as part of the consideration for the assets, agreed to assume and pay all obligations and liabilities of the Railway Co. Continental Baking Co.,27 B.T.A. 884, followed. 2. The liabilities…
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1. Petitioner held liable as transferee both at law and in equity for any deficiency in tax due from the Railway Co. where it received, in exchange for its stock and bonds, net assets of the Railway Co. of a value in excess of the amount of the deficiency herein involved and where it, as part of the consideration for the assets, agreed to assume and pay all obligations and liabilities of the Railway Co. Continental Baking Co.,27 B.T.A. 884, followed. 2. The liabilities incurred by the Railway Co. in the organization of the petitioner are not deductible as losses or as ordinary and necessary…
1Opinion of the Court
OPINION.
McMahon:
This is a proceeding for the redetermination of the petitioner’s liability as a transferee, for a deficiency in income taxes of the Georgia, Florida & Alabama Railway Co. (hereinafter referred to as the Railway Co.) for the year 1927 in the amount of $11,141.73. In the petition, as amended, it is alleged in substance (numbering ours) that the respondent erred in:(1) Finding that the petitioner is a transferee of the Railway Co. under section 280-of the Revenue Act of 1926;(2) Denying the right to take as a deduction organization expenses in the amount of $59,568.08;(3) Denying…
2Cases cited5 opinions
- V. Loewers Gambrinus Brewery Co. v. AndersonSupreme Court of the United States · 1931
- American Equitable Assurance Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Odorono Co. v. CommissionerUnited States Board of Tax Appeals · 1932
- Continental Baking Co. v. CommissionerUnited States Board of Tax Appeals · 1933
- United States Trucking Corp. v. CommissionerUnited States Board of Tax Appeals · 1934
3Cited by1 opinion
- Georgia, F. & A. R. Co. v. CommissionerUnited States Board of Tax Appeals · 1934