Indiana Tax Court Decides Foreign Source Dividends Are Deductible in Calculating Indiana NOLs

Indiana Tax Court Decides Foreign Source Dividends Are Deductible in Calculating Indiana NOLs

On March 28, 2013, the Indiana Tax Court issued its decision in Caterpillar, Inc. v. Indiana Dept. of State Revenue, holding that dividend income from foreign subsidiaries is deductible when calculating Indiana net operating losses.  The decision presents an opportunity for Indiana taxpayers with income from … [Read more...]

Oregon Supreme Court calls the sale of wireless assets apportionable business income

Oregon Supreme Court calls the sale of wireless assets apportionable business income

In a pair of cases involving multistate telecommunications businesses, the Oregon Supreme Court held that Oregon's dual definitions of "business income" did not conflict, and that therefore the state's imposition of corporate income tax on the sale of wireless assets was a reasonable interpretation of those … [Read more...]

Colorado legislature passes pilot program for Denver property tax appeals

Colorado legislature passes pilot program for Denver property tax appeals

On March 8, 2013, Colorado Governor John Hickenlooper signed into law House Bill 13-1113.  The legislation creates a pilot program that authorizes the governing body of the city and county of Denver, at the request of the Assessor, to elect an alternative protest and appeal procedure for property tax disputes.  … [Read more...]

North Carolina county improperly revalued properties in nonrevaluation year

North Carolina county improperly revalued properties in nonrevaluation year

The North Carolina Supreme Court recently held that a county's reappraisal of undeveloped parcels constituted an improper revaluation because it occurred in a nonrevaluation year.  In In re Ocean Isle Palms LLC, the Court overturned an earlier ruling by the Court of Appeals and rejected claims by the county that … [Read more...]

Pennsylvania sticks company with income tax bill after sale of timberland

Pennsylvania sticks company with income tax bill after sale of timberland

The Pennsylvania Supreme Court recently left taxpayers stumped when it held that the gain from the sale of out-of-state timberland constituted apportionable business income.  In Glatfelter Pulpwood Co. v. Pennsylvania, the Court denied the taxpayer's refund claim and held that the sale was not a liquidation, but … [Read more...]