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CAPITAL PRESERVATION v. REV. DEPT.

No. 87-1303.

145 Wis.2d 841 (1988)

429 N.W.2d 551

CAPITAL PRESERVATION FUND, INC., a Wisconsin corporation, Trust For Short Term U.S. Government Securities, A Massachusetts business trust, Lee V. Hribar, Urquhart L. Meeter, Barbara C. Meeter, James E. Bartelt, Plaintiffs-Respondents, v. Wisconsin DEPARTMENT OF REVENUE, and Karen A. Case, as Secretary of the Wisconsin Department of Revenue, Defendants-Appellants.

Court of Appeals of Wisconsin.

Decided July 21, 1988.

Attorney(s) appearing for the Case

For the defendants-appellants the cause was submitted on brief of Donald J. Hanaway, attorney general, and F. Thomas Creeron, III, assistant attorney general, of Madison.

For the plaintiffs-respondents the cause was submitted on the briefs of Timothy C. Frautschi and Foley & Lardner of Milwaukee.

Before Eich, Sundby and LaRocque, JJ.

EICH, J.

The Wisconsin Department of Revenue appeals from a summary judgment declaring that dividend distributions from the Capital Preservation Fund (the Fund) and the Trust for Short Term U.S. Government Securities (the Trust) are not subject to the Wisconsin income tax. The issue is whether 31 U.S.C., sec. 3124(a), which declares that "obligations of the United States Government are exempt from [State] taxation," precludes Wisconsin from taxing the distributions...

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