Transport Leasing Corporation v. State

Peterson, Justice.

The first issue for decision is whether under Minn. St. 1969, 272.02(11) (b), 1 tools and machinery owned by the taxpayer but leased to another, and used or usable by the lessee for purposes declared exemptible by the statute, are exempt from ad valorem taxation for the assessment years 1967 and 1968. We affirm the trial court’s determination that they were exempt. The second issue is whether, for either or both of those years, the taxpayer made an effective election to be so exempt. We affirm the trial court’s determination that the election was effective for 1968 and…