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Constitutional Law Keyed to Choper
ASARCO v. Idaho State Tax Comm’n
Citation:
458 U.S. 307 (1982)Facts
ASARCO Inc., incorporated in New Jersey with headquarters in New York, operated a silver mine in Idaho constituting approximately 2.5% of its total business activities. During the tax years 1968-1970, ASARCO received dividends from five corporations in which it owned major interests: M.I.M. Holdings, Ltd. (52.7%), General Cable Corp. (34%), Revere Copper and Brass, Inc. (34%), ASARCO Mexicana, S.A. (49%), and Southern Peru Copper Corp. (51.5%). ASARCO also received interest income from Revere’s convertible debentures and notes related to sales of Mexicana and General Cable stock, as well as capital gains from selling General Cable and M.I.M. stock. Idaho sought to tax a portion of this income by classifying it as “business income” under its version of UDITPA. The state argued that the intangible income should be considered part of ASARCO’s unitary business because the stock was acquired and managed for purposes relating to ASARCO’s business. However, the record showed that the subsidiaries operated independently of ASARCO, with minimal operational connections between them.
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