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EQUITABLE SAVINGS & LOAN ASS'N v. DEPT. OF REV.

537 P.2d 538 (1975)

EQUITABLE SAVINGS AND LOAN ASSOCIATION, an Oregon Corporation, Respondent and Cross-Appellant, v. DEPARTMENT OF REVENUE, State of Oregon, Appellant and Cross-Respondent.

Supreme Court of Oregon, In Banc.

Decided July 3, 1975.

Attorney(s) appearing for the Case

G.F. Bartz, Asst. Atty. Gen., Salem, argued the cause for appellant and cross-respondent. With him on the brief were Lee Johnson, Atty. Gen., and Theodore W. de Looze, Chief Tax Counsel, Salem.

John R. Faust, Jr., Portland, argued the cause for respondent and cross-appellant. With him on the brief were Joseph J. Hanna, Jr., and Hardy, Buttler, McEwen, Weiss & Newman, Portland.

O'CONNELL, Chief Justice.

This is an appeal from a decree of the Oregon Tax Court.1 Defendant Department of Revenue appeals from that portion of the decree allowing the deduction of plaintiff's payments to the Federal Savings and Loan Insurance Corporation's (FSLIC) Secondary Reserve Account in 1967-1969 as an ordinary and necessary business expense. (ORS 317.255). Plaintiff taxpayer cross-appeals from that portion of the decree refusing...

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