Department of Revenue v. Howick

This is a review of a decision of the court of appeals1 affirming an order of the circuit court dismissing the petition of the Wisconsin Department of Revenue (Department) to set aside a decision and order of the Wisconsin Tax Appeals Commission (WTAC). The WTAC had granted Romain A. Howick’s (taxpayer) petition for abatement of the Department’s assessment of additional income taxes for the years 1970 through 1973, inclusive.

This controversy involves the Department’s treatment of loss on the sale of corporate stock for income tax purposes when stock is sold by a Wisconsin resident who…