Kraft, Inc. v. Sweet

This appeal concerns a claim by plaintiffs Kraft, Inc., and nine affiliated corporations (Kraft Group) for a certain subtraction deduction from their taxable income in determining their tax liability under the Illinois Income Tax Act (IITA) (Ill. Rev. Stat. 1987, ch. 120, par. 1—101 et seq.) for the tax years 1982 and 1983. That claimed deduction was for sums required by the “subpart F provision” of the Internal Revenue Code of 1954 (IRC) (26 U.S.C. §§951 through 964 (1982)) to be included in the Kraft Group’s determination of taxable income for Federal income-tax purposes for those years.…