Allstate Enterprises Stock Fund, Inc. v. Lewis

Allstate Enterprises Stock Fund, Inc., a foreign corporation, filed suit against the defendants to recover $268,083.96 paid under protest for additional franchise taxes, license fees and penalties for 1970. The suit involved questions of interpretation of the sections of the Illinois Business Corporation Act which imposed the fees and taxes. The trial court found that the Secretary of State had erred in computing the money due by using the 100% method and that a proportional basis should have been used. We reverse.

The issues are: (1) Whether the purported election, in plaintiff’s “Application…