Midland Financial Corp. v. Wisconsin Department of Revenue

This is a review of a court of appeals decision affirming a judgment of the circuit court for Milwaukee county, Hon. Patrick T. Sheedy, circuit judge. The circuit court judgment reversed a decision and order of the Wisconsin Department of Revenue assessing additional corporate franchise taxes against Midland Financial Corporation. There are three questions on this review: 1) Is dividend income received by a bank holding company and deductible from gross income under sec. 71.04(4), Stats., required to be included in the company’s business loss carry forward under sec. 71.06; 2) Is the…