A 1951 Tax Court decision raises questions about Walt Snyder's statement. The decision involved an employee who went to work for Lefever Arms Co. in the gun business in 1913. The court's decision describes the sale of the gun business to Ithaca and the continuation of Lefever Arms Co. in the automotive gear business, which after 1918 operated under the name of Durston Gear Corporation. While the decision is not crystally clear about when the corporation was formed, it is explicitly talking about a corporation with shares and suggests that after 1918 there was a name change to Durston Gear Corporation. See Bryan v. IRS, 16 T.C. 972, 1951 U.S. Tax Ct. LEXIS 203 (1951). Maybe Walt can shed more light on this, but the Tax Court decision sounds like the Lefever Arms Co. gun business assets were sold by a corporation which went into the automotive gear business and eventually changed its name to Durston Gear Corporation. Hopefully Walt has some specifics that he might be able to share to shed light on this.
