TITLE

U.S. Supreme Court to Review Illinois Case on Nonbusiness Income

AUTHOR(S)
Schadewald, Michael
PUB. DATE
January 2008
SOURCE
Journal of State Taxation;Jan/Feb2008, Vol. 26 Issue 2, p9
SOURCE TYPE
Academic Journal
DOC. TYPE
Article
ABSTRACT
The article discusses the reassessment of the U.S. Supreme Court on the Illinois case regarding the state's effort to separate as business income a $1 billion gain accomplished by MeadWestvaco Corp. when it sold its investment in Lexis/Nexis. MeadWestvaco insists that the issue is whether the Illinois appeals court properly used the operational function test for finding whether a gain is nonbusiness income in their petition to the court. The Supreme Court's view in the case may elucidate the factors that ascertain whether the ownership of another business as a division assists an operational function in the taxpayer's business.
ACCESSION #
31852121

 

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