Smurfit Newsprint Corp. v. Department of Revenue

CARL N. BYERS, Judge.

Plaintiff (taxpayer) appeals from deficiency assessments for corporate excise taxes for 1987 and 1988. The assessments resulted when Defendant (department) reduced the amount of tax credits carried over from 1986. Although 1986 was a “closed year,” 1 the department recalculated taxpayer’s income for that year and adjusted the amount of tax credits that could be carried over to 1987 and 1988. Taxpayer claims that the department is essentially assessing a deficiency for 1986, which is prohibited by statute. The facts are undisputed and the matter has been submitted to the…