136 F.2d 685 - Warren Co. v. Commissioner — 136 F.2d 685

How this case has been cited

Cited by 6 later decisions — most recently August 2000

3 federal appellate · 1 state decisions

Later decisions citing this case, by decade. The current decade is in progress, and our corpus holds fewer opinions from the most recent years, so the latest bars are undercounted — not a real decline.

¶1For former opinion, see 135 F.2d 679.

¶2W. A. Sutherland, of Atlanta, Ga., for petitioner in each case.

¶3Joseph M. Jones and Sewall Key, Sp. Assts. to Atty Gen., Samuel O. Clark, Jr., Asst. Atty. Gen., and J. P. Wenchel, Chief Counsel, Bureau of Internal Revenue, and John T. Rogers, Sp. Atty., Bureau of Internal Revenue, both of Washington, D. C., for respondent in each case.

¶4Before SIBLEY, McCORD, and WALLER, Circuit Judges.

¶5WALLER, Circuit Judge.

¶6The majority of the Court concluded that the contingent liabilities on the assigned conditional sales contracts do not become “current liabilities” under the trust indenture until a default has occurred in the conditional sales contracts. There is no proof in the record as to the amount of defaults, if any, occurring during the tax years in question, and, therefore, there was a failure to show that the contingent liabilities ever became current liabilities.

¶7The petition for rehearing is denied.

¶8SIBLEY, Circuit Judge, dissents.