Legal Opinion
Phillips Petroleum Co. v. Iowa Department of Revenue & Finance
Supreme Court of Iowa
Decided February 17, 1994No. 92-1824PublishedCited by 20 opinions
1Opinion of the Court
HARRIS, Justice.
Threatened with a hostile takeover, the management of a petroleum corporation responded by purchasing a substantial amount of its outstanding common stock. In order to retire the debt incurred for this purchase, the corporation sold gas and oil-producing assets, none of which were located in Iowa. The question in this case is whether the sale of those assets can be taxed by Iowa as business income of the corporation. The trial court determined it can be, thereby enabling Iowa to include the income taxes derived from the sales in its apportionment formula. We reverse.
The case…
2Cases cited10 opinions
- Union Carbide Corp. v. HuddlestonTennessee Supreme Court · 1993
- Mobil Oil Corp. v. Commissioner of Taxes of Vt.Supreme Court of the United States · 1980
- Allied-Signal, Inc. Ex Rel. Bendix Corp. v. Director, Division of TaxationSupreme Court of the United States · 1992
- ASARCO Inc. v. Idaho State Tax CommissionSupreme Court of the United States · 1982
- Western Natural Gas Co. v. McDonaldSupreme Court of Kansas · 1968
5 more not listed; retrieve them via the Exa API.
3Cited by20 opinions
- Texaco-Cities Service Pipeline Co. v. McGawIllinois Supreme Court · 1998
- Polaroid Corp. v. OffermanSupreme Court of North Carolina · 1998
- Hoechst Celanese Corp. v. Franchise Tax BoardCalifornia Supreme Court · 2001
- Ex Parte Uniroyal Tire Co.Supreme Court of Alabama · 2000
- May Department Stores Co. v. Indiana Department of State RevenueIndiana Tax Court · 2001
15 more not listed; retrieve them via the Exa API.