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KENNEDY v. FINA OIL AND CHEMICAL CO.

No. 98 CA 1427.

739 So.2d 910 (1999)

John N. KENNEDY, Secretary of the Department of Revenue and Taxation, State of Louisiana v. FINA OIL AND CHEMICAL COMPANY.

Court of Appeal of Louisiana, First Circuit.

June 25, 1999.

Attorney(s) appearing for the Case

William H. Brown, Baton Rouge, Counsel for Appellant—John N. Kennedy, Secretary of the Department of Revenue and Taxation, State of Louisiana.

Jesse R. Adams, Jr., Bruce J. Oreck, Jesse R. Adams, III, Nicole Crighton, New Orleans, Counsel for Defendant—Appellee—Fina Oil and Chemical Company.

Before: FITZSIMMONS, GUIDRY and PETTIGREW, JJ.

FITZSIMMONS, J.

The issue is whether cash advances from life insurance policies owned by defendant, Fina Oil and Chemical Company (Fina), are borrowed or additional capital. Plaintiff, the Secretary of the Department of Revenue and Taxation (state), asserts that cash advances are a loan. If these funds were borrowed or additional capital, the cash advances would be subject to Louisiana franchise tax. La. R.S. 47:601, et...

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