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PHILLIPS PETROLEUM v. DEPT. OF REVENUE

No. 92-1824.

511 N.W.2d 608 (1993)

PHILLIPS PETROLEUM COMPANY, Appellant, v. IOWA DEPARTMENT OF REVENUE AND FINANCE, Appellee.

Supreme Court of Iowa.

As Corrected December 28, 1993.

As Amended on Denial of Rehearing February 17, 1994.

Attorney(s) appearing for the Case

Glenn L. Smith of Finley, Alt, Smith, Scharnberg & May, P.C., Des Moines, Walter Hellerstein and Paul Frankel of Morrison & Foerster, New York City, and Larry Montanye of Phillips Petroleum Co., Bartlesville, OK, for appellant.

Bonnie J. Campbell, Atty. Gen., Harry M. Griger, Sp. Asst. Atty. Gen., and Valencia Voyd McCown, Asst. Atty. Gen., for appellee.

Considered by HARRIS, P.J., and LAVORATO, NEUMAN, SNELL, and ANDREASEN, JJ.

HARRIS, Justice.

Threatened with a hostile takeover, the management of a petroleum corporation responded by purchasing a substantial amount of its outstanding common stock. In order to retire the debt incurred for this purchase, the corporation sold gas and oil-producing assets, none of which were located in Iowa. The question in this case is whether the sale of those assets can be taxed by Iowa as business income of the corporation. The trial court determined it...

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