OLSON v. COMMISSIONER

Docket No. 5287-67.

29 T.C.M. 445 (1970)

T.C. Memo. 1970-92

Orville L. Olson, Sr. and Ruby A. Olson, Transferees v. Commissioner.

United States Tax Court.

Filed April 23, 1970.


Attorney(s) appearing for the Case

Lee S. Jones, Kentucky Home Life Bldg., Louisville, Ky., for the petitioners. Frederick W. Krieg, for the respondent.


Memorandum Findings of Fact and Opinion

BRUCE, Judge:

Respondent determined a deficiency in corporation income tax of Bottled (Olson) Gas Shop, Inc., in the amount of $5,845.25 for the taxable year ended December 31, 1965, and notified petitioners that the amount of such deficiency, plus interest as provided by law, constituting their liability as transferees of assets of the corporation, would be assessed against them.

Petitioners have conceded...

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