General Electric Co. v. Iowa State Board of Tax Review

LARSON, Justice.

General Electric Company (GE) applied for a refund on its 1993 Iowa income tax based on a carryback of a capital loss sustained in 1995. The Iowa Department of Revenue and Finance (department) denied the refund, and GE appealed to the Iowa State Board of Tax Review. The board affirmed the denial of the refund, and GE petitioned for judicial review. The district court agreed with the board, and GE appealed to this court. We affirm.

I. Facts and Prior Proceedings.

GE is a New York corporation doing business in Iowa. In 1993 it sold one of its subsidiaries, an aerospace business,…