Edward Valves, Inc. v. Wake County

ORR, Justice.

This case arises out of the sale of assets by plaintiff Edward Valves, Inc. (“Taxpayer”) to BTR-Dunlop, Inc. and concerns the alleged overassessment of Taxpayer’s personal and real property for tax year 1990. Since 1964, Taxpayer has manufactured specialty valves for the nuclear and fossil fuel power plant industry in a manufacturing facility located in Raleigh, North Carolina. Until 10 March 1989, Taxpayer operated as a part of the Measurement and Flow Control Division of Rockwell International. On that date, all of Taxpayer’s assets were sold to BTR-Dunlop, Inc., and as a…