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Thursday, March 28, 2013
Ind. Decisions - Tax Court issues one today
In Caterpillar, Inc. v. Indiana Department of State Revenue, a 10-page opinion, Judge Wentworth writes:
This matter concerns the proper calculation of Indiana net operating losses (NOLs) available for carryover when a corporation receives dividend income from its foreign subsidiaries (Foreign Source Dividends or FSDs). Caterpillar, Inc. and the Indiana Department of State Revenue are currently before the Court on cross-motions for summary judgment. While the parties offer several reasons to support their positions, the dispositive issue is whether Caterpillar’s FSDs are deductible in calculating its Indiana NOLs, including those available for carryover as a deduction from taxable income in future years under Indiana Code § 6-3-2-2.6.1 The Court finds that they are.
Posted by Marcia Oddi on March 28, 2013 03:12 PM
Posted to Ind. Tax Ct. Decisions