ITT Abrasive Products Co. v. Lewis

Mr. PRESIDING JUSTICE DRUCKER

delivered the opinion of the coxirt:

Defendant appeals from a judgment granting plaintiff’s prayer that it be permitted to pay its 1967 Illinois franchise taxes and license fees on the basis of what is commonly referred to as the “in state-out of state” apportionment formula. Defendant contends that plaintiff was under obligation to pay such taxes and fees on the basis of its entire stated capital and paid-in surplus.

The facts were stipulated to by the parties and in relevant part are as follows:

1. Prior to December 31, 1966, Plaintiff, ITT ABRASIVE PRODUCTS…