[DOWNLOAD] "Michigan City News v. Department Treasury" by In Banc No. 17361 Appellate Court of Indiana # Book PDF Kindle ePub Free

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eBook details

• Title: Michigan City News v. Department Treasury
• Author : In Banc No. 17361 Appellate Court of Indiana
• Release Date : January 12, 1945
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 62 KB

Description

ROYSE, Chief Judge. Appellant brought this action against appellees for the recovery of gross income taxes allegedly improperly assessed and collected. The facts out of which the controversy arose are as follows: For several years prior to June 1, 1938, appellant, a corporation, printed and published a newspaper in Michigan City Known as the Michigan City News. The capital stock of appellant was owned by three or four stockholders. On June 1, 1938, appellant entered into a contract with the Dispatch Publishing Company, Inc. (which Company will be hereinafter designated as the 'Purchaser'), for the sale of most of its assets. By the terms of this contract appellant agreed to sell to the Purchaser all of its tangible and intangible assets excepting accounts receivable, money on hand, money in bank, currency and remittances in transit, and bills owing to it. Appellant agreed to deliver a conveyance in escrow with proper bill of sale. It also agreed to pay and discharge all obligations due by it and to make a deposit of $10,000 in bonds issued by the Purchaser to guarantee the payment of such obligations. Appellant further agreed to secure the complete discharge and extinguishment of an existing mortgage on its real estate.

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