VERITO v. COMMISSIONER

Docket Nos. 4303-63, 4304-63.

43 T.C. 429 (1965)

FRANK W. VERITO, TRANSFEREE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT WILLIAM J. VERITO, TRANSFEREE, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed January 14, 1965.


Attorney(s) appearing for the Case

Arthur L. Birkholz, for the petitioners.

Melvin E. Pearl, for the respondent.


OPINION

FAY, Judge:

The Commissioner determined deficiencies in income tax for the taxable period ended June 2, 1961, against 19 transferor corporations, in the aggregate amount of $22,296.54. These proceedings involve the liability of the petitioners as transferees of the assets of the aforementioned transferor corporations.1 The only issue to be decided is whether gain realized...

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