Wolfhounds

Procter & Gamble Plans to Sell Folgers to Smuckers: Win-Win?

Actually, we tax accountants love the wording of this agreement. It not only accomplishes the intent of the parties, to transfer one business owned by a much larger entity to another entity, but does so to qualify as a tax free exchange under section 368 of the IRC. Without this carefully crafted agreement the deal could not have been done.