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IBEC INDUSTRIES, INC. v. LINDLEY

No. 79-1620.

62 Ohio St. 2d 279 (1980)

IBEC INDUSTRIES, INC., BELLOWS INTERNAT. DIV., APPELLEE, v. LINDLEY, TAX COMMR., APPELLANT.

Supreme Court of Ohio.

Decided June 4, 1980.

Attorney(s) appearing for the Case

Messrs. Squire, Sanders & Dempsey and Ms. Maryann B. Gall, for appellee.

Mr. William J. Brown, attorney general, and Mr. John C. Duffy, Jr., for appellant.

Per Curiam.

The fundamental issue presented, on appeal herein, is whether a taxable sale for "consideration" occurred when IBEC reorganized its corporate structure by transferring all the assets and liabilities of its Bellows Division to appellee, a new wholly-owned subsidiary, in exchange for the stock of appellee.

Appellant, in essence, asserts that there was a "sale" between the two corporations and...

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