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RITE-WAY PRODUCTS, INC. v. COMMISSIONER

Docket Nos. 14314, 14315, 14316.

12 T.C. 475 (1949)

RITE-WAY PRODUCTS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. T. H. DARNELL, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. NATIONAL BANK OF COMMERCE IN MEMPHIS, EXECUTOR UNDER THE LAST WILL AND TESTAMENT OF JOHN B. SNOWDEN, II, DECEASED, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Promulgated March 29, 1949.

Attorney(s) appearing for the Case

W. Stuart McCloy, Esq., and Allan Davis, Esq., for the petitioners.

Homer F. Benson, Esq., for the respondent.

The Commissioner determined against Rite-Way Products, Inc., a deficiency of $152.49 in income tax for the calendar year 1940, a deficiency of $223.61 in declared value excess profits tax for 1942, and a deficiency of $12,037.28 in excess profits tax for 1942. He also determined that T. H. Darnell and John B. Snowden, II, were liable for those deficiencies in tax and interest thereon as transferees of the assets of Rite-Way Products, Inc. The taxpayer assigns as error the...

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