SOUTH LAKE FARMS, INC. v. COMMISSIONER

Docket Nos. 82944, 82945.

36 T.C. 1027 (1961)

SOUTH LAKE FARMS, INC., PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT. SOUTH LAKE FARMS, PETITIONER, v. COMMISSIONER OF INTERNAL REVENUE, RESPONDENT.

United States Tax Court.

Filed September 15, 1961.


Attorney(s) appearing for the Case

H. D. Costigan, Esq., and Gordon M. Weber, Esq., for the petitioners.

John O. Hargrove, Esq., for the respondent.


WITHEY, Judge:

The respondent has determined deficiencies in the income tax of petitioner South Lake Farms, Inc., of $35,029.52, $37,791.98, and $853,731.09 for the fiscal years ended April 30, 1955, and April 30, 1956, and the period beginning May 1 and ending October 3, 1956, respectively. The respondent has determined that petitioner South Lake Farms is liable as transferee of the assets of South Lake Farms, Inc., for the foregoing deficiencies in the income...

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