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POWERS PHOTO ENGRAVING CO., INC. v. COMMISSIONER OF INTERNAL REVENUE

No. 228, Docket 22299.

197 F.2d 704 (1952)

POWERS PHOTO ENGRAVING CO., Inc. v. COMMISSIONER OF INTERNAL REVENUE.

United States Court of Appeals Second Circuit.

Decided June 19, 1952.

Attorney(s) appearing for the Case

Elden McFarland, Washington, D. C., and Daniel A. Taylor, Chicago, for Powers Photo Engraving Co., Inc., petitioner.

Ellis N. Slack, Acting Asst. Atty. Gen., Helen Goodner and Carolyn R. Just, Sp. Assts. to the Atty. Gen., Mason B. Leming, Washington, D. C., for Commissioner of Internal Revenue, respondent.

Before AUGUSTUS N. HAND, CLARK and FRANK, Circuit Judges.

PER CURIAM.

The Tax Court held the petitioner, Powers Photo Engraving Co., Inc., liable as a transferee under Section 311 of the Internal Revenue Code, 26 U.S.C.A. § 311, for the unpaid excess profits taxes for the year 1945 of its wholly owned subsidiary, Powers Electronic and Communication Co. The transferee liability of the petitioner arose out of a transfer in 1946 of $162,948.24 from Electronic to the petitioner, which left the subsidiary with insufficient...

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