Phillips v. Commissioner of Internal Revenue, Docket No. 19286.
| Decision Date | 02 April 1929 |
| Docket Number | Docket No. 19286. |
| Parties | ANNIE G. PHILLIPS, ARTHUR L. PHILLIPS, SEYMOUR PHILLIPS, AND ABRAHAM S. PHILLIPS, EXECUTORS, ESTATE OF I. L. PHILLIPS, PETITIONERS, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. |
| Court | U.S. Board of Tax Appeals |
Herman Goldman, Esq., for the petitioners.
J. E. Mather, Esq., for the respondent.
The Commissioner determined and assessed deficiencies in income and profits tax against the Coombe Garment Co. of $277.75 for 1918 and $9,124.68 for 1919, and on June 16, 1926, mailed a notice to I. L. Phillips, a transferee, proposing therein to assess against and collect from him the amount of additional unpaid taxes for the years in question assessed against the Coombe Garment Co.
The facts are stipulated.
FINDINGS OF FACT.
The executors are residents of New York, N. Y. The Coombe Garment Co., Inc., and the Coombe Garment Co. are one and the same, a Pennsylvania corporation, which had its principal place of business in Philadelphia, Pa. The corporation filed its corporation income and profits-tax return for the calendar year 1918 on June 16, 1919, and its return for the year 1919 on March 6, 1920. At the time of complete liquidation, September 27, 1919, the corporation had issued and outstanding capital stock of $50,000, represented by 500 shares of a par value of $100 each. The stockholders, the number of shares owned by each and the percentage of capital stock owned by each to the total capital stock outstanding of the Coombe Garment Co., and the amount received by each stockholder as a liquidating dividend, were as follows:
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| Percentage | Amount
Name of stockholder | of stockholdings | received in
| | liquidation
-------------------------|------------------|------------
B. C. Guldin ___________ | 180/0003/900 | $13,711.69
I. L. Phillips _________ | 225/0003/900 | 17,139.61
F. J. Noonan ___________ | 47/3690/900 | 3,608.38
C. S. Parmley __________ | 47/3690/900 | 3,608.38
C. H. Parnell __________ | 18/0003/900 | 1,371.19
Effie E. Scott _________ | 78/1600/900 | 9,953.90
Max Phillips ___________ | 118/4182/900 | 9,020.61
I. A. Coombe ___________ | 23/6823/900 | $1,804.02
W. H. Coombe ___________ | 45/0002/900 | 3,427.94
R. R. Updegrave ________ | 81/0002/900 | 6,170.27
Roy Updegrave __________ | 36/0002/900 | 2,742.36
| |___________
| | 68,558.35
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The amount of $68,558.35 shown above as paid in liquidating dividends was the total assets of the Coombe Garment Co. and was paid by said corporation to its stockholders between July 25, 1919, and September 27, 1919.
The Commissioner assessed against the corporation an additional tax of $277.75 for 1918 in February, 1925, and an additional tax of $9,124.68 for 1919 in December, 1924.
Of the additional tax assessed against the corporation for 1918, $96.07 has been paid, leaving $9,306.36 unpaid tax due upon the income of the...
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