In re Davenport Dry Goods Co.

S.D. Iowa

In re Davenport Dry Goods Co.

9 F.2d 477, 1925 U.S. Dist. LEXIS 1359

CourtDistrict Court, S.D. Iowa

DecidedNovember 2, 1925

StatusPublished

Cited by2 cases

This text of 9 F.2d 477 (In re Davenport Dry Goods Co.) is published on Counsel Stack Legal Research, covering District Court, S.D. Iowa primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

In re Davenport Dry Goods Co., 9 F.2d 477, 1925 U.S. Dist. LEXIS 1359 (S.D. Iowa 1925).

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Opinion

WADE, District Judge.

Without discussing the authorities in detail, I am forced to announce that the finding of the referee must be confirmed. This is not an action by the purchaser of the stock, nor is he a party to it. It is not based upon any covenant with the purchaser to pay any tax. It is based solely upon the duty of the trustee, as fixed by statute. Whatever the liability of the stock may be, or might have been, the trustee was not liable for any action of the assessor, or the taxing body, subsequent to the time the stock was sold. The trustee is not required to pay any taxes, except those “due and owing” by the bankrupt, or taxes assessed against him as trustee. This tax was not “due and owing”; it existed only in the existence of the power which had not yet been exercised.

Counsel for the trustee will prepare an order, and submit it to counsel for the company, who will have five days in which to file objections, and submit the same to the court for consideration, reserving proper exceptions.

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WADE, District Judge.

Without discussing the authorities in detail, I am forced to announce that the finding of the referee must be confirmed. This is not an action by the purchaser of the stock, nor is he a party to it. It is not based upon any covenant with the purchaser to pay any tax. It is based solely upon the duty of the trustee, as fixed by statute. Whatever the liability of the stock may be, or might have been, the trustee was not liable for any action of the assessor, or the taxing body, subsequent to the time the stock was sold. The trustee is not required to pay any taxes, except those “due and owing” by the bankrupt, or taxes assessed against him as trustee. This tax was not “due and owing”; it existed only in the existence of the power which had not yet been exercised.

Counsel for the trustee will prepare an order, and submit it to counsel for the company, who will have five days in which to file objections, and submit the same to the court for consideration, reserving proper exceptions.

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Bluebook (online)

9 F.2d 477, 1925 U.S. Dist. LEXIS 1359, Counsel Stack Legal Research, https://law.counselstack.com/opinion/in-re-davenport-dry-goods-co-iasd-1925.

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