Krug

This is a petition to review a decision of the Board of Tax Appeals holding that a proposed assessment of $17,127.60 against respondent, as transferee of the Krug Baking Company of Ohio, hereinafter referred to as the Ohio Company, under section 280 of the Revenue Act of 1926, c. 27, 44 Stat. 61 , 26 U. S. C. § 1069 (26 USCA § 1069 and note), is barred by the statute of limitations. The proposed assessment is for a deficiency in income taxes of the Ohio Company for the year 1918. The agreed facts are substantially as follows:

On July 1, 1918, respondent was the principal stockholder of the Ohio Company, which was engaged in the baking business at Dayton, Ohio. On that date, the Krug Baking Company of Delaware, hereinafter referred to as the Delaware Company, for a consideration of $325,000, ac *58 quired the business of the Ohio Company and agreed to pay all debts and obligations of the Ohio Company, including its federal income taxes since January 1, 1918. Thereafter the Ohio Company was dissolved, and the sum of $325,000, which it had received from the Delaware Company, was paid to respondent. The baking business and other assets of the Delaware Company were subsequently…