In PENN Entertainment, Inc. v. Indiana Department of State Revenue, a unanimous Indiana Supreme Court reversed the tax court’s grant of summary judgment for the Indiana Department of Revenue requiring PENN Entertainment to add back approximately $2 billion in wagering excise taxes it paid to other states when calculating its Indiana adjusted gross income
corporation income tax
That aged well: Storage of tobacco during aging process not “use” for Virginia property factor purposes
By Timothy Gustafson on
Posted in Income Tax
In Virginia Department of Taxation v. R.J. Reynolds Tobacco Co., the Virginia Supreme Court ruled that the taxpayer was entitled to a corporate income tax refund because leaf tobacco stored in the taxpayer’s Virginia warehouse was not “used” by the taxpayer for purposes of inclusion in its Virginia property factor.
The taxpayer stored leaf…