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BRYANT HEATER COMPANY v. COMMISSIONER OF INT. REV.

No. 12592.

231 F.2d 938 (1956)

BRYANT HEATER COMPANY and Dresser Industries, Inc., Petitioners, v. COMMISSIONER OF INTERNAL REVENUE, Respondent.

United States Court of Appeals Sixth Circuit.

April 14, 1956.

Attorney(s) appearing for the Case

Charles F. Taplin, Jr., and Alton W. Whitehouse, Jr., Cleveland, Ohio, McAfee, Grossman, Taplin, Hanning, Newcomer & Hazlett, Cleveland, Ohio, on brief, for petitioners.

Grant W. Wiprud, Washington, D. C., H. Brian Holland, Ellis N. Slack and David O. Walter, Washington, D. C., on brief, for respondent.

Before ALLEN, McALLISTER and STEWART, Circuit Judges.

STEWART, Circuit Judge.

Two separate questions are presented on this petition for review.

Petitioner Bryant Heater Company (hereinafter called "Bryant") was a wholly owned subsidiary of petitioner Dresser Industries, Inc. (hereinafter called "Dresser"). In 1949 Bryant sold all its assets in an arms-length transaction to a third party for a total consideration of $6,100,000. The agreement of sale did not recite any allocation of the sales price among the various...

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