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Neither party to the sale prepared a list of physical assets to
be sold.
Petitioner allocated the purchase price to the assets in the
Walker sale agreement as follows:
D.C. Walker Enterprises, Inc.
Land $130,000
Buildings and improvements 120,000
Equipment 850,000
Rolling stock 150,000
Lyons Veneer
Building and improvements 75,000
Equipment 250,000
Rolling stock 75,000
Covenants not to compete
D.C. Walker 1,200,000
Mary Walker 150,000
Donna Lee Bebout 150,000
U.S. Forestry Service timber
Sale contracts 1,500,000
Total 4,650,000
3. Terms of the Agreement
In the Walker sale agreement, petitioner bought most of the
assets used by the Walker entities for $4,650,000. Petitioner
also bought other log inventories for an additional price.
Petitioner did not buy from the Walker entities accounts
receivable, cash, notes receivable, the business names of Lyons
Veneer and D.C. Walker, the corporate name of D.C. Walker
Enterprises, Inc., business records, certain vehicles, and some
unprofitable Forest Service timber sale contracts.
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