SHERWIN-WILLIAMS COMPANY v. DEPARTMENT OF REVENUE

(OTC 4127; SC S46023)

996 P.2d 500 (2000)

329 Or. 599

The SHERWIN-WILLIAMS COMPANY, an Ohio corporation, Respondent, v. DEPARTMENT OF REVENUE, State of Oregon, Appellant.

Supreme Court of Oregon, En Banc.

Decided January 27, 2000.


Attorney(s) appearing for the Case

Marilyn J. Harbur, Assistant Attorney General, Salem, argued the cause for appellant. With her on the briefs was Hardy Myers, Attorney General.

Joseph F. Timmons, Cleveland, Ohio, argued the cause for respondent. Michael R. Seidl, of Seidl & Rizzo, Portland, filed the brief for respondent.

Paull Mines, Washington D.C., filed a brief on behalf of amicus curiae Multistate Tax Commission.


PER CURIAM.

This case is before the court on appeal from the Oregon Tax Court. Taxpayer, a manufacturer of paint and related products, operates in Oregon and several other states. Taxpayer manages its working capital, in part, by buying and selling securities. Its purchase and sale of working capital investment securities is carried out in Ohio, and the parties stipulate that that method of working capital management generates "business income."

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