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CATERPILLAR FINANCE CORP. v. RYAN

No. 3-93-0749.

640 N.E.2d 672 (1994)

266 Ill. App.3d 312

203 Ill.Dec. 752

CATERPILLAR FINANCE CORPORATION, Plaintiff-Appellee, v. George RYAN, as Secretary of State of Illinois; Patrick Quinn, as Treasurer of the State of Illinois; and the Department of Business Services for the State of Illinois, Defendant-Appellant.

Appellate Court of Illinois, Third District.

September 23, 1994.

Attorney(s) appearing for the Case

Deborah L. Ahlstrand (argued), Asst. Atty. Gen., Roland W. Burris, Atty. Gen., Rosalyn B. Kaplan, Sol. Gen., Chicago, for George Ryan, Patrick Quinn and Dept. of Business Services.

Richard A. Hanson (argued), McDermott, Will & Emery, Chicago, for Caterpillar Finance Corp.

Justice BARRY delivered the opinion of the court.

Plaintiff, Caterpillar Finance Corporation (CFC) is a foreign corporation incorporated in Delaware with its principal place of business in Peoria, Illinois. CFC brought this tax protest action upon paying its annual franchise tax. CFC contended that it had reduced its paid-in-capital from $56,000,000 to $1,000 by a liquidation distribution, thus reducing its franchise tax from $56,000 to $25. The Secretary of State...

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