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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