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ATLAS TOOL CO., INC. v. C.I.R.

Nos. 78-2631, 78-2632.

614 F.2d 860 (1980)

ATLAS TOOL CO., INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent (Tax Court Docket No. 7633-74). ATLAS TOOL CO., INC., Successor to Fletcher Plastics, Inc., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent (Tax Court Docket No. 7634-74). Stephan SCHAFFAN and Mildred Schaffan, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent (Tax Court Docket No. 7635-74). Appeal of ATLAS TOOL CO., INC., Atlas Tool Co., Inc., Successor to Fletcher Plastics, Inc., Stephan Schaffan and Mildred Schaffan, Appellants. ATLAS TOOL CO., INC., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent (Tax Court Docket No. 7633-74). ATLAS TOOL CO., INC., Successor to Fletcher Plastics, Inc., Petitioner, v. COMMISSIONER OF INTERNAL REVENUE, Respondent (Tax Court Docket No. 7634-74). Stephan SCHAFFAN and Mildred Schaffan, Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent (Tax Court Docket No. 7635-74). Appeal of COMMISSIONER OF INTERNAL REVENUE, Appellant.

United States Court of Appeals, Third Circuit.

Decided January 28, 1980.

As Amended January 31, 1980.

Attorney(s) appearing for the Case

John J. O'Toole (argued), Starr, Weinberg & Fradkin, Newark, N. J., for appellants in 78-2631.

M. Carr Ferguson, Asst. Attys. Gen., Gilbert E. Andrews, Ernest J. Brown, James A. Riedy (argued), Attys., Tax Div., Dept. of Justice, Washington, D. C., for appellant in 78-2632.

Before GIBBONS and HIGGINBOTHAM, Circuit Judges and WEINER, District Judge.

OPINION OF THE COURT

GIBBONS, Circuit Judge.

This case presents cross-appeals from decisions of the United States Tax Court upholding, in consolidated cases, a deficiency in federal income tax asserted for the taxable year 1970 against Stephan and Mildred Schaffan, a deficiency in accumulated earnings tax against Atlas Tool Co., Inc. (Atlas) for the fiscal years ending June 30, 1969 and 1970, and transferee liability of Atlas for conceded deficiencies in...

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