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STATE DEPT. OF REVENUE v. JONES MFG. CO.

Civ. 7619.

589 So.2d 206 (1990)

STATE DEPARTMENT OF REVENUE v. JONES MANUFACTURING COMPANY, INC.

Court of Civil Appeals of Alabama.

Rehearing Denied December 12, 1990.

Attorney(s) appearing for the Case

Ron Bowden, Acting Chief Counsel, and Mark D. Griffin, Asst. Counsel, Revenue Dept., and Asst. Attys. Gen., for appellant.

Norman P. Snell and Ben F. Hayley of Trimmer and Associates, Birmingham, for appellee.

RUSSELL, Judge.

This action arose as a result of a sale by Jones Manufacturing Company, Inc. (appellee), a domestic corporation, of its corporate stock to another corporation. That transaction was treated as a sale of assets under the Internal Revenue Code. As a result, no gain or loss was required to be reported for federal or state tax purposes. See 26 U.S.C.A. § 337 (West 1988); § 40-18-8(j), Ala.Code...

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