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CONSOLIDATED RAIL CORP. v. DEPT. OF REV.

No. 1-96-1395.

688 N.E.2d 806 (1997)

293 Ill. App.3d 555

228 Ill.Dec. 108

CONSOLIDATED RAIL CORPORATION; Pennsylvania Truck Lines, Inc.; and PTL Intermodal, Inc., Plaintiffs-Appellants, v. The DEPARTMENT OF REVENUE, Defendant-Appellee.

Appellate Court of Illinois, First District, Second Division.

December 9, 1997.

Attorney(s) appearing for the Case

Lord, Bissell & Brook, Chicago (David R. Schmidt, Hugh C. Griffin, John M. Hughes and Stephanie A. Burris, of counsel), for Plaintiffs-Appellants.

James E. Ryan, Attorney General, Barbara A. Preiner, Solicitor General (A. Benjamin Goldgar, Assistant Attorney General, of counsel), for Defendant-Appellee.

Presiding Justice COUSINS delivered the opinion of the court:

Plaintiff, Consolidated Rail Corporation (Conrail), appeals from a determination of tax deficiency made by defendant, the Department of Revenue, which disallowed Conrail from carrying forward a $125 million Illinois net loss as a deduction. Defendant based its denial upon the Conrail Privatization Act (45 U.S.C. § 1301 et seq. (Supp. 1987)), a federal...

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