Waterbury v. Department of Revenue

CARL N. BYERS, Judge.

Plaintiffs complaint for refunds claimed distributions of a certain mutual fund were exempt from income tax. The court held this case in abeyance pending a decision in Borg v. Dept. of Rev., 11 OTR 67 (1988), aff’d, 308 Or 34, 774 P2d 1099 (1989). That case involved the same issues with the same mutual fund. The Borg decision held income attributable to fund investments in government obligations exempt from income tax, but income attributable to repurchase agreements was not exempt from tax.

Based on that decision, the parties here agreed that a certain percent of…