Indiana Supreme Court refuses to apply a company’s foreign source dividend deduction to its NOL calculations

Indiana Supreme Court refuses to apply a company’s foreign source dividend deduction to its NOL calculations

On August 25, 2014, the Indiana Supreme Court issued its decision in Indiana Department of State Revenue v. Caterpillar, Inc., holding that the plain meaning of the Indiana tax statutes prohibited the company from increasing its net operating losses (NOLs) by deducting foreign source dividend income.  The Court … [Read more...]

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...]