Home Interiors & Gifts, Inc. v. Department of Revenue

Plaintiff, Home Interiors & Gifts, Inc., appeals the order of the circuit court affirming the Department of Revenue’s (Department) finding that plaintiff owes taxes on interest income it earned in 1989 and 1990. In 1993, the Department issued to plaintiff a notice of business income tax deficiency. The Department determined that plaintiffs corporate tax returns for the years of 1989 and 1990 should be adjusted to reflect certain interest income plaintiff earned from short-term investments in those years. Plaintiff filed a protest, and the parties submitted a stipulation of facts to an…