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percentages were 65 percent and 71 percent, respectively. The
majority finds that “Each of the employees spent a significant
portion of his or her time working on credit analysis activities
* * * and, but for ACC’s anticipated acquisition of installment
contracts, ACC would not have incurred the salaries and benefits
attributable to those activities.” Majority op. pp. 27-28.
Absent evidence to the contrary, it would seem to follow
logically that if ACC’s business operation had not included
credit analysis activities, ACC would never have incurred the
overhead expenses attributable to those activities.
The majority correctly states that the “overhead” expenses
would be capital in nature if they “originated” in ACC’s process
of acquiring installment contracts. Majority op. p. 29.
However, the majority reasons that the “overhead” expenses were
not directly related to the acquisition of installment contracts
because:
None of these routine and recurring expenses originated
in the process of ACC’s acquisition of installment
contracts, nor, in fact, in any anticipated acquisition
at all. ACC would have continued to incur most of
these expenses in the ordinary course of its business
had its business only been to service the installment
contracts. * * * [Id.]
There is nothing in the majority’s specific findings of fact to
support the conclusion that overhead expenses related to credit
analysis activities did not “originate” in the process of ACC’s
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