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Clark v. Iowa Department of Revenue
William L. Clark, Barbara Clark, Barry Bengtson and Patricia Bengtson, Plaintiffs-Appellants
Iowa Department of Revenue, Defendant-Appellee
Attorneys for Appellants
William M. Reasoner
Ronald L. Mountsier
Cody J. Edwards
Attorney for Appellee
Katherine Penland, Assistant Attorney General
Court of Appeals
Court of Appeals Opinion
Opinion Number:
Date Published:
Summary
Appeal from the Iowa District Court for Polk County, Jeanie Vaudt, Judge. AFFIRMED. Heard by Tabor, C.J., and Ahlers and Sandy, JJ. Opinion by Ahlers, J. (9 pages)
Taxpayers appeal the district court’s order on judicial review affirming the Iowa Department of Revenue’s decision to disallow a capital-gains deduction. Taxpayers claim that when they sold their personal goodwill, they sold the assets of their respective businesses of being employees, qualifying them for capital-gains deductions on their personal income-tax returns. OPINION HOLDS: Even assuming that the business of being an employee could qualify for a business for purposes of the capital-gains deduction, there is no evidence in the record that any such businesses existed here for the taxpayers to sell and qualify for the applicable deduction.
