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BASIC PRODUCTS CORP. v. DEPARTMENT OF TAXATION

19 Wis.2d 183 (1963)

BASIC PRODUCTS CORPORATION, Respondent, v. DEPARTMENT OF TAXATION, Appellant.

Supreme Court of Wisconsin.

March 5, 1963.

Attorney(s) appearing for the Case

For the appellant the cause was argued by E. Weston Wood, assistant attorney general, with whom on the briefs were John W. Reynolds, attorney general, and Harold H. Persons, assistant attorney general.

For the respondent there was a brief by William J. Willis and Foley, Sammond & Lardner, all of Milwaukee, and oral argument by Mr. Willis.

GORDON, J.

The question which we must resolve in this case may be stated as follows: When a publicly held corporation borrows money for the purpose of retiring an entire issue of its preferred stock, is the corporation's payment of interest on such money to be considered ordinary and necessary expenses in the operation of the business of the corporation from which its income is derived, so as to be deductible for Wisconsin...

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