Hammond Lead Products, Inc. v. State of Indiana Tax Commissioners

DICKSON, Justice.

Appellant, Hammond Lead Products, Inc., (Hammond Lead) seeks review of an Indiana Tax Court decision denying claims for a refund of taxes assessed for the years 1980-84. Hammond Lead Products, Inc. v. Tax Comm'rs (1990), Ind.Tax, 549 N.E.2d 424. In denying Hammond Lead's claim, the Tax Court determined that interest income earned by Hammond Lead under repurchase agreements between it and the Mercantile National Bank of Hammond, Indiana (Bank) was subject to Indiana adjusted gross income tax. We affirm.

Restated, Hammond Lead raises the following issues: 1) whether the…