Advance Aluminum Castings Corp. v. Harrison

MINTON, Circuit Judge.

Advance Pattern arid Foundry Company, hereafter referred to as Pattern, was a wholly-owned subsidiary of Advance Aluminum Castings Corporation, hereafter referred to as Castings. Pattern was engaged in the sale of aluminum utensils on the installment contract plan and had availed itself of the applicable provisions of the Internal Revenue Act to file its income tax returns on the installment sales basis.

In 1936 the two corporations were merged under the laws of Illinois, and Pattern transferred all of its assets, including the installment sales contracts, to Castings.…