Legal Opinion
Hercules, Inc. v. Department of Revenue
Appellate Court of Illinois
Decided June 29, 2001No. 1 — 00—0433PublishedCited by 8 opinions
1Opinion of the CourtJustice O’Mara Frossard
Plaintiff, Hercules, Inc., appeals the order of the circuit court affirming the Department of Revenue’s (Department) finding that plaintiff owes taxes on a $1.3 billion capital gain it earned in 1987. On April 1, 1999, the circuit court entered a judgment against Hercules for $950,472 in tax, $630,200 in penalties and $921,161 in interest through March 1, 1999.
In 1991, the Department issued to plaintiff a notice of business income tax deficiency. The Department determined that Hercules’ capital gain from the sale of stock in Himont, a publically traded corporation, constituted business income…
2Cases cited16 opinions
- Corn Products Refining Co. v. CommissionerSupreme Court of the United States · 1956
- Quill Corp. v. North Dakota Ex Rel. HeitkampSupreme Court of the United States · 1992
- City of Belvidere v. Illinois State Labor Relations BoardIllinois Supreme Court · 1998
- Container Corp. of America v. Franchise Tax BoardSupreme Court of the United States · 1983
- Mobil Oil Corp. v. Commissioner of Taxes of Vt.Supreme Court of the United States · 1980
11 more not listed; retrieve them via the Exa API.
3Cited by8 opinions
- Blessing/White, Inc. v. ZehnderAppellate Court of Illinois · 2002
- LaSalle National Bank v. City of Highland ParkAppellate Court of Illinois · 2003
- Mead Corp. v. Department of RevenueAppellate Court of Illinois · 2007
- Blessing/White, Inc. v. ZehnderAppellate Court of Illinois · 2002
- Hercules, Inc. v. Department of RevenueAppellate Court of Illinois · 2004
3 more not listed; retrieve them via the Exa API.