On January 21, 1952, the Utica and Mohawk Cotton Mills, Inc., which had been engaged in manufacturing, sold all its assets in New York State to J. P. Stevens & Co., Inc. The seller intended to discontinue all its New York business and the buyer did not intend to continue that business, but merely to acquire assets. There remained, however, a program of discontinuance of Utica's operations and winding up its manufacturing commitments. The proof is that at the time of transfer...
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