Legal Opinion
State Department of Revenue v. Jones Manufacturing Co.
Court of Civil Appeals of Alabama
Decided November 7, 1990No. Civ. 7619PublishedCited by 2 opinions
1Opinion of the Court
RUSSELL, Judge.
This action arose as a result of a sale by Jones Manufacturing Company, Inc. (appel-lee), a domestic corporation, of its corporate stock to another corporation. That *207transaction 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 1975. However, certain depreciation was recaptured and reported by the appellee on its federal tax return. See 26 U.S.C.A. § 1245 (West 1988). The Department of Revenue (Department) then…
Also in this document: Concurrence.
2Cases cited4 opinions
- Richard T. Brigham and Margaret H. Brigham v. United StatesCourt of Appeals for the Third Circuit · 1976
- Brown & Root Development, Inc. v. Tennessee Valley AuthorityCourt of Appeals for the Eleventh Circuit · 1982
- Kruse v. HamptonDistrict Court, S.D. Alabama · 1974
- Robert L. Kruse v. Robert E. HamptonCourt of Appeals for the Fifth Circuit · 1975
3Cited by2 opinions
- Ex Parte Jones Mfg. Co., Inc.Supreme Court of Alabama · 1991
- State Department of Revenue v. Jones Manufacturing Co.Supreme Court of Alabama · 1991