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EVERETT v. DEPT. OF REVENUE AND FINANCE

No. 90-681.

470 N.W.2d 13 (1991)

William A. and Edna B. EVERETT, Appellees, v. STATE of Iowa, DEPARTMENT OF REVENUE AND FINANCE, Appellant.

Supreme Court of Iowa.

May 15, 1991.

Attorney(s) appearing for the Case

Bonnie J. Campbell, Atty. Gen., and Harry M. Griger, Sp. Asst. Atty. Gen., for appellant.

Frederick G. White, Waterloo, and Eric R. Miller of Martin, Nutting, Miller, Keith & Pedersen, Waterloo, for appellees.

Considered by HARRIS, P.J., and SCHULTZ, CARTER, LAVORATO and ANDREASEN, JJ.

ANDREASEN, Justice.

The director of the Iowa Department of Revenue and Finance (director) ruled in a contested case decision that income which is derived from repurchase agreements involving United States government securities and paid by a mutual fund to its shareholders is not exempt from state taxation. The taxpayers appealed to the district court which reversed the director's decision on this issue. The State has appealed. We reverse and remand.

I.

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