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D. CANALE & CO. v. CELAURO

765 S.W.2d 736 (1989)

D. CANALE & CO., D. Canale Food Services, Inc., and D. Canale Beverages, Inc., Appellees, v. Kathryn B. CELAURO, Commissioner of Revenue, State of Tennessee, Appellant.

Supreme Court of Tennessee, at Jackson.

Rehearing Denied February 21, 1989.

Attorney(s) appearing for the Case

W.J. Michael Cody, Atty. Gen. and Reporter, William P. Sizer, Asst. Atty. Gen., Nashville, for appellant.

Michael A. Robinson, Paul R. Lawler, Glankler, Brown, Gilliland Chase, Robinson & Raines, Memphis, for appellees.

OPINION

COOPER, Justice.

The issue in this appeal is whether the transfer of vehicles from a parent corporation to newly-created subsidiaries in exchange for stock and securities constitutes a transaction subject to Tennessee sales tax. The chancellor held that it did not, and ordered a refund of sales taxes paid under protest, together with interest and attorneys' fees. We disagree with the chancellor's holding. Accordingly we reverse the judgment entered...

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