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Section Newsletter Articles From Reena Khosla

Illinois circuit court: complete liquidation proceeds are non-business income By Garland Allen, Louise Calvert, and Reena Khosla State and Local Taxation, June 2001 On January 24, 2001, reversing an administrative decision of the Illinois Department of Revenue ("IDOR"), the Circuit Court of Cook County held that gain recognized on a complete liquidation was non-business income, notwithstanding Illinois' adoption of the "functional test" of business income. Blessing/White, Inc., et al., No. 99 L 51087.

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