Court Opinion

ID: 9520192
Source: CourtListenerOpinion
Date Created: 2023-08-07 01:33:05.065234+00
Date Added: 2024-06-11T12:45:42.754339
License: Public Domain

The following memorandum was filed June 26, 1957:
Per Curiam
(on motion for rehearing). Appellant’s motion for rehearing is denied.
In support of its motion appellant calls attention to our statement that under sec. 71.07 (1), Stats., interest received on refunds of income and privilege dividend taxes is not income from business; and appellant says that it has construed sec. 71.04 (2) as permitting a corporation to deduct interest paid on income-tax deficiencies from its gross income as “interest . . . paid during the year in the operation of the business from which its income is derived.” Appellant urges that secs. 71.04 (2) and 71.07 should be construed consistently in this regard and that appellant’s treatment of interest paid on tax deficiencies under sec. 71.04 (2) discloses *393ban ambiguity in sec. 71.07 with regard to treatment of interest received on tax refunds. If there be such ambiguity, appellant says that we should then construe sec. 71.07 as the appellant has construed it.
We deem that the correctness of appellant’s interpretation of sec. 71.04 (2), Stats., need not be decided in the case before us. Whether correct or not, it requires no change in our interpretation of sec. 71.07 set forth in the opinion.