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HERCULES, INC. v. DEPARTMENT OF REVENUE

No. 1-00-0433.

753 N.E.2d 418 (2001)

324 Ill. App.3d 329

257 Ill.Dec. 223

HERCULES, INCORPORATED, Plaintiff-Appellant, v. The DEPARTMENT OF REVENUE, and Kenneth E. Zehnder, Director of the Department of Revenue, Defendants-Appellees.

Appellate Court of Illinois, First District, First Division.

Rehearing Denied July 30, 2001.

Attorney(s) appearing for the Case

D'Ancona & Pflaum LLC, Chicago (Fred M. Ackerson, Roger L. Price and Vanessa L. Vargas, of counsel), for Appellant.

James E. Ryan, Attorney General, and Joel D. Bertocchi, Solicitor General, Chicago (Brian F. Barov, of counsel), for Appellees.

Justice FROSSARD delivered the opinion of the court:

Plaintiff, Hercules, Inc., appeals the order of the circuit court affirming the Department of Revenue's (Department) finding that plaintiff owes taxes on a $1.3 billion capital gain it earned in 1987. On April 1, 1999, the circuit court entered a judgment against Hercules for $950,472 in tax, $630,200 in penalties and $921,161 in interest through March 1, 1999.

In 1991, the Department issued to plaintiff...

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