General Electric Co. v. Iowa State Board of Tax Review

LARSON, Justice.

This is an appeal from a judgment of the district court affirming a decision of the Iowa Department of Revenue and Finance to deny an income tax refund to General Electric (GE). We affirm the court of appeals and the district court.

In 1981, the Iowa Department of Revenue and Finance (Department) conducted a field audit of GE’s income tax liability and issued an assessment for 1977 through 1979. GE filed a protest. The Department notified GE in 1982 that its protest would be held in abeyance pending the outcome of two pertinent tax cases then pending in the United States…