Washington Top Court Poised to Favor State in Business Tax Case

Date:

Four justices on the Washington Supreme Court at oral arguments Tuesday appeared likely to side with the state revenue department’s interpretation of the business and occupation tax investment income deduction.

The justices are reviewing a state appeals court ruling that 16 investment funds led by Antio LLC aren’t entitled to take the deduction for “amounts derived from investments.” The appeals court cited the state high court’s two-page 1986 ruling in O’Leary v. Department of Revenue for the proposition that deductible “investments” are incidental to the taxpayer’s business, not the reason the company is in business.

If the appeals court’s narrow …

Share post:

Popular

More like this
Related

Week 2 college football winners and losers: Michigan and Notre Dame have real work to do to make the playoff

Michigan and Notre Dame are far from playoff ready....

Horoscope Today: September 8, 2024

...

Where does Notre Dame’s stunning loss fall among the biggest upsets in college football history?

Northern Illinois went into South Bend as 28.5-point underdogs...