ARTNELL COMPANY v. COMMISSIONER

Docket No. 2780-64.

48 T.C. 411 (1967)

ARTNELL COMPANY, PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed June 23, 1967.


Attorney(s) appearing for the Case

William A. Cromartie, for the petitioner.

William J. Gerard, for the respondent.


SIMPSON, Judge:

The respondent has asserted that the petitioner is liable for $563,170.12 as transferee of the assets of Chicago White Sox, Inc. Such liability arises from a determination of deficiency in the transferor's income tax of $303,109.07 for its taxable year November 1, 1961, to May 31, 1962. The respondent also disallowed a net operating loss carryback from such taxable year to the transferor's taxable year January 1, 1959, to October 31, 1959, and...

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