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MOLINE NAT'L BANK v. DEP'T OF REVENUE

Nos. 82-239, 82-24 cons.

111 Ill. App.3d 1086 (1983)

444 N.E.2d 1164

MOLINE NATIONAL BANK et al., Plaintiffs-Appellees, v. THE DEPARTMENT OF REVENUE et al., Defendants-Appellants. — PLAINFIELD NATIONAL BANK, Plaintiff-Appellee, v. THE DEPARTMENT OF REVENUE et al., Defendants-Appellants.

Appellate Court of Illinois — Third District.

Opinion filed January 19, 1983.

Attorney(s) appearing for the Case

Neil F. Hartigan, Attorney General, of Springfield (Kathryn A. Spalding, Assistant Attorney General, of counsel), for appellants.

Peter Lousberg, of Lousberg & McClean, of Rock Island, for appellees.

Judgments affirmed.

JUSTICE ALLOY delivered the opinion of the court:

The taxpayers purchased State and municipal bonds at a premium. The interest from these bonds is exempt from Federal taxation. For State income tax purposes, however, the taxpayer must include the interest to determine his base income. (Ill. Rev. Stat. 1981, ch. 120, par. 2-203(b)(2)(A).) The taxpayers in this case excluded the amortized bond premium from the interest payments when they...

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