On or about February 1, 1929, the Piedmont Ice & Coal Company (hereinafter called Piedmont), a North Carolina corporation with its principal office at Greensboro, sold and conveyed its ice and coal plant in Greensboro to Community Ice & Utilities Company (hereinafter called Community Utilities) for $200,000 in cash, and Community Utilities agreed further to take over and pay for the current inventory of materials then on hand. Almost simultaneouly with the transaction, Community Utilities, for a proper consideration, sold and conveyed to Community Ice Company (hereinafter called Community Ice), a number of ice plants, including the plant of Piedmont. Community Ice duly received the current inventory transferred to Community Utilities by piedmont; Community Ice became duly obligated to pay for the inventory thus received; and Community Ice proceeced to run the business, using up the inventory in the due course of business.
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