General Care Corp. v. Olsen

OPINION

FONES, Justice.

Plaintiff, General Care Corporation, initiated this action in the Davidson County Chancery Court to recover state excise taxes paid under protest together with interest thereon from the date of payment. The chancellor entered judgment for plaintiff, and the defendant, the Commissioner of Revenue, appealed to this Court pursuant to T.C.A. § 16-4-108.

This appeal presents a single issue for review: whether capital gains from the sale of assets as a part of a corporate liquidation constitute “business earnings” within the meaning of T.C.A. § 67-4-804(a)(1), as the…