Jubilee Knitting Mills, Inc. v. Commonwealth

Opinion by

Judge Mencer,

Jubilee Knitting Mills, Inc. (Jubilee) is a Pennsylvania corporation, a wholly owned subsidiary of Triumph Hosiery Mills, Inc. (Triumph), also a Pennsylvania corporation, which was organized for and engaged in the manufacture of ladies’ hosiery and knitwear apparel. From its inception until June 30, 1965, Jubilee manufactured ladies’ seamless hosiery and knitwear apparel in Pennsylvania and sold the manufactured products exclusively to Triumph, its parent corporation. Upon the cessation of its manufacturing operations, Jubilee leased all of its equipment to Triumph *604which…