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DEPT. OF REVENUE v. HARDWARE WHOLESALERS, INC.

No. 49S05-9303-TA-357.

622 N.E.2d 930 (1993)

INDIANA DEPARTMENT OF STATE REVENUE, Appellant (Respondent below) v. HARDWARE WHOLESALERS, Inc., Appellee (Petitioner below.)

Supreme Court of Indiana.

October 26, 1993.

Attorney(s) appearing for the Case

Pamela Carter, Atty. Gen., Marilyn S. Meighen, Deputy Atty. Gen., Indianapolis, for appellant.

David A. Haist, John C. Barce, Fort Wayne, for appellee.

SHEPARD, Chief Justice.

This challenge to an assessment of intangibles tax presents a single question: are fund transactions under repurchase agreements Indiana bank "deposits" exempt from the Indiana intangibles tax? We hold that they are not.

A. Facts and Procedural History

The Indiana Department of State Revenue assessed intangibles tax1 against Hardware Wholesalers, Inc. ("HWI") after audits of the tax years...

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