PEPI, INC. v. COMMISSIONER

Docket No. 276-67.

52 T.C. 854 (1969)

PEPI, INC., PETITIONER v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT

United States Tax Court.

Filed August 25, 1969.


Attorney(s) appearing for the Case

Ben Herzberg, Sherwin Kamin, and Robert J. Wolpert, for the petitioner.

William F. Chapman and Larry Kars, for the respondent.


MULRONEY, Judge:

Respondent asserted transferee liability against petitioner as transferee of Philips Electronics, Inc., for which he determined deficiencies in its income tax for the calendar year 1958 in the amount of $692,598.36 and for the taxable period January 1, 1959, through October 19, 1959, in the amount of $578,430.96. It is stipulated that if any income tax deficiencies exist against Philips for said years petitioner is liable for them as transferee...

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