State v. First Nat. Bank of Montgomery

FOSTER, Justice.

The question on this appeal is to what extent the deduction from the State income tax provided for in the Act approved October 9, 1947, No. 693, General Acts 1947, page 527 Code 1940, Tit. 51, § 385(1) has in respect to such tax for the calendar year 1947.

The State contends that only such amount as was paid by the taxpayer in that .year occurring after October 9th should be allowed as a deduction, upon a proper interpretation of the Act. The taxpayer contends that the Act provides for a deduction of such sums as may have been paid throughout the entire year of 1947, including…