Sign In
Events
Newsletters
Search

Close

Close Search

Cancel

SEARCH
MY LAW.COMNEW

Simpson Investment Co. v. Washington Department of Revenue

Holding company for multiple manufacturing subsidiaries was "financial business" entitled to state tax deduction for investment income.

X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

The full case caption appears at the end of this opinion.

This dispute between Simpson Investment Company (Simpson) andthe State Department of Revenue (Department) presents the question ofwhether Simpson, a holding corporation for multiple subsidiaries, is a’financial business’ for purposes of RCW 82.04.4281 (section 4281).Section 4281 provides a Business and Occupational (B&O) tax deduction forthe investment income of all persons not ‘engaging in banking, loan,security, or other financial businesses.’ RCW 82.04.4281. The Departmentassessed B&O taxes against Simpson, claiming it was not entitled to deductits investment income because it is a ‘financial business.’ Simpsoncontested this assessment in a refund action, culminating in motions forsummary judgment. The Thurston County Superior Court denied Simpson’smotion, granting summary judgment to the Department, and Simpson appealed.The Court of Appeals reversed, determining that Simpson is not a ‘financialbusiness’ and is therefore entitled to deduct its investment income incalculating its B&O tax liability. Simpson Inv. Co. v. Department ofRevenue, 92 Wn. App. 905, 965 P.2d 654 (1998). We find that Simpson is afinancial business and reverse the Court of Appeals.

Trending Stories

 
Reprints & Licensing
Mentioned in a Law.com story?

License our industry-leading legal content to extend your thought leadership and build your brand.

LEARN MORE

More From ALM

Premium Subscription
With this subscription you will receive unlimited access to high quality, online, on-demand premium content from well-respected faculty in the legal industry. This is perfect for attorneys licensed in multiple jurisdictions or for attorneys that have fulfilled their CLE requirement but need to access resourceful information for their practice areas.
View Now
Team Accounts
Our Team Account subscription service is for legal teams of four or more attorneys. Each attorney is granted unlimited access to high quality, on-demand premium content from well-respected faculty in the legal industry along with administrative access to easily manage CLE for the entire team.
View Now
Bundle Subscriptions
Gain access to some of the most knowledgeable and experienced attorneys with our 2 bundle options! Our Compliance bundles are curated by CLE Counselors and include current legal topics and challenges within the industry. Our second option allows you to build your bundle and strategically select the content that pertains to your needs. Both options are priced the same.
View Now
Go to CLE Center
GlobeSt. Women of Influence (WOI) 2024
July 22, 2024 - July 24, 2024
Lake Tahoe, CA

GlobeSt. Women of Influence Conference celebrates the women who drive the commercial real estate industry forward.


Learn More
New York Legal Awards 2024
September 05, 2024
New York, NY

The New York Law Journal honors attorneys and judges who have made a remarkable difference in the legal profession in New York.


Learn More
African Legal Awards 2024
September 06, 2024
Johannesburg

The African Legal Awards recognise exceptional achievement within Africa s legal community during a period of rapid change.


Learn More
Go to Events Go to Webcasts
Legal Research Attorney (Criminal)

The Superior Court of California, County of Alameda is accepting applications for the position of Legal Research Attorney. Under general dir...


Apply Now ›
Attorney - Medical Malpractice

ROSENBERG JACOBS HELLER & FLEMING, PC of Morris Plains, NJ is seeking a full-time Attorney who has at least 5 years experience, includin...


Apply Now ›
(NEW) REAL ESTATE ASSOCIATES FOR LAW FIRM KNOWN AS BEST PLACE TO WORK; TOP PAY SCALE (Chicago, IL or other US office)

Our client, a well-regarded national law firm widely recognized as one of the top places to work, has engaged us to find multiple real estat...


Apply Now ›
Go to Lawjobs
Lawyers of Distinction
06/27/2024
The American Lawyer

Professional Announcement


View Announcement ›
SMGQ Law
06/21/2024
Daily Business Review

Full Page Announcement


View Announcement ›
Blume Forte Fried Zerres & Molinari
06/14/2024
New Jersey Law Journal

Professional Announcement


View Announcement ›
Go to Professional Announcements