DEPT. OF REVENUE v. U.S. SHOE CORP.

No. 89-0682.

158 Wis.2d 123 (1990)

462 N.W.2d 233

Wisconsin DEPARTMENT OF REVENUE, Plaintiff-Respondent, v. UNITED STATES SHOE CORPORATION, Defendant-Appellant. UNITED STATES SHOE CORPORATION, Plaintiff-Appellant, v. Wisconsin DEPARTMENT OF REVENUE, Defendant-Respondent.

Court of Appeals of Wisconsin.

Decided September 6, 1990.


Attorney(s) appearing for the Case

For the appellant the cause was submitted on the briefs of Leonard S. Sosnowski of Foley & Lardner of Madison and Larry McMillin of Frost & Jacobs of Cincinnati, Ohio, and oral argument by Larry McMillin.

For the respondent the cause was submitted on the brief of Donald J. Hanaway, attorney general, and Edward S. Marion, assistant attorney general, and oral argument by Edward S. Marion.

Before Eich, C.J., Gartzke, P.J., and Sundby, J.


SUNDBY, J.

In this appeal, we decide that United States Shoe Corporation, under sec. 71.06(1), Stats. (1975),1 may not offset the net business losses sustained by corporations with which it merged against its 1976 and 1977 Wisconsin net business income. We also decide that the circuit court correctly concluded that a closing agreement between the Department of Revenue and U.S. Shoe, to compromise...

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