Wayne Pump Co. v. Gross Income Tax Div.

During the years 1938, 1939 and 1940, appellant was engaged in Indiana in the business of manufacturing and selling certain pumps, equipment and machinery to the gasoline and oil trade, on conditional sales or installment contracts. On June 25, 1938 appellant entered into a contract with First Bancredit Corporation of Minneapolis, Minnesota, hereinafter called “Bancredit”, and with The Texas Company, hereinafter called “Texaco”, relative to the financing of some of its conditional sales contracts, which may herein be referred to as “paper” or “papers”.

On June 22, 1942, appellee assessed…