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 foreign source dividends to file for refunds of overpaid taxes.

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