Industrial Asphalt, Inc. v. State Board of Equalization

Opinion

STEPHENS, J. *

Facts

The facts were stipulated, but a very brief summation establishes that Industrial and Huntmix were (and are) California corporations doing business in asphalt-related endeavors. They formed a joint venture partnership (referred to hereinafter as Venture) to do the same type of business.

Industrial contributed assets of $46,307,000 to Venture, which assumed liabilities of $10,342,000. Thus, a net value of the assets from Industrial was $35,965,000. Huntmix contributed assets of $21,328,000 to Venture which assumed liabilities of $3,806,000 for a net contribution of…