Helvering v. Nibley-Mimnaugh Lumber Co.

GRONER, Associate Justice.

Respondent was a corporation organized under the laws of Oregon and engaged in the lumber business. Some time prior to August 1, 1923, it had negotiated with Bowman-Hicks Lumber Company for the purpose of effecting a sale of its plant, timber lands, and personal property. On the date mentioned, respondent’s board of directors, with the approval of more than two-thirds of its stockholders, passed a resolution authorizing its president and secretary to convey title to all of its assets to J. P. Ravenscroft as liquidating trustee, but this conveyance was never actually…