Minnesota: Commissioner of Revenue Cannot Disregard Captive REIT

Commissioner of Revenue does not have the authority to attribute income to and assess taxes on a business on the grounds that the business structured itself to comply with the relevant tax statutes and was motivated to do so solely by tax avoidance.

Read the opinion here:
HMN Financial, Inc. v. Commissioner, Docket A09-1164 (Minn. Sup. Ct. May 20, 2010).