Peoples Gas & Electric Co. v. State Tax Commission

(dissenting) — I disagree fundamentally with much of the reasoning of the majority opinion and would affirm the decision of the trial court.

I. Section 423.1, Iowa Code, 1946, is the first section of chapter 423 devoted to- “Use Tax.” The pertinent part of it provides:

“423.1 Definitions. The following words, terms, and phrases when used in this chapter shall have the meanings ascribed to them in this section:

“1. ‘Use’ means and includes the exercise by any person of any right or power over tangible personal property incident to the ownership * * * except that it shall not include processing,…