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MADISON PARK BANK v. ZAGEL

No. 55451.

91 Ill.2d 231 (1982)

437 N.E.2d 638

MADISON PARK BANK, Appellee, v. JAMES B. ZAGEL, Director of Revenue, et al., Appellants.

Supreme Court of Illinois.

Opinion filed June 1, 1982.

Attorney(s) appearing for the Case

Tyrone C. Fahner, Attorney General, of Springfield (John D. WhiteNack, Special Assistant Attorney General, and Lloyd B. Foster, of Chicago, of counsel), for appellants.

Douglas H. Walter and Colleen A. Khoury, of Bell, Boyd & Lloyd, of Chicago (Sidney D. Davidson, of Peoria, of counsel), for appellee.

James B. Deutsch, of Jefferson City, Missouri, for amicus curiae State of Missouri.

New Mexico Taxation & Revenue Department of Santa Fe, New Mexico, for amicus curiae State of New Mexico.

Robert Abrams, Attorney General, of Albany, New York (Shirley Adelson Siegel, Solicitor General, and Wayne L. Benjamin, Assistant Attorney General, of counsel), for amicus curiae State of New York.

William D. Dexter, of Tumwater, Washington, for amicus curiae Multistate Tax Commission.

Donald X. Murray, of Chicago, for amicus curiae Illinois Bankers Association.

Judgments vacated; cause dismissed.

JUSTICE SIMON delivered the opinion of the court:

The substantive issue in this case is whether a corporation with losses for Federal income tax purposes, but positive income from sources subject to the State but not the Federal tax, may offset those losses on its Illinois income tax return against the positive State income. For the reason explained below, we do not decide that issue.

Section 201(a) of the Illinois...

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