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Bodine Electric Co. v. Allphin

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eBook details

  • Title: Bodine Electric Co. v. Allphin
  • Author : Supreme Court of Illinois
  • Release Date : January 15, 1980
  • Genre: Law,Books,Professional & Technical,
  • Pages : * pages
  • Size : 66 KB

Description

Plaintiff, Bodine Electric Company, filed a claim for refund of 1969 and 1970 Illinois income taxes with the Department of Revenue, asserting that it was entitled to carry back and deduct a 1971 net operating loss in the taxable years 1969 and 1970 under the provisions of the Illinois Income Tax Act (Ill. Rev. Stat. 1971, ch. 120, par. 1-101 et seq.). Defendant, the Director of the Department of Revenue, ruled that plaintiff was not entitled to a refund of Illinois taxes for those years. On review, the circuit court of Cook County reversed the decision of the Department. Defendant appealed, and the appellate court reversed the circuit court's judgment and reinstated the determination of the Department of Revenue. Plaintiff appealed to this court pursuant to Rule 315 (73 Ill.2d R. 315), and we granted leave to appeal. We now affirm. The facts relevant to this appeal are not in dispute and are accurately developed in the appellate court opinion (70 Ill. App.3d 844). Briefly restated, from 1968 through 1971, plaintiff filed consolidated Federal income tax returns with its wholly owned subsidiary, Microdyne, Inc. Subsequent to the enactment of the Illinois Income Tax Act in 1969, plaintiff and its subsidiary, in compliance with section 203(d)(2)(E) of the Act (Ill. Rev. Stat. 1971, ch. 120, par. 2-203(d)(2)(E)) filed separate returns for State tax purposes from 1969 through 1971. Plaintiff's 1971 separate Illinois tax return reflected a substantial net operating loss due to the sale of its interest in Microdyne and the sale of Microdyne's accounts receivable. Plaintiff's 1971 consolidated Federal income tax return reflected taxable income.


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