Southern Railway Co. v. Taylor

OPINION

REID, Chief Justice.

This is a suit by Southern Railway Company (Southern) for the recovery of corporate excise taxes paid by Southern pursuant to an assessment made by the Commissioner of Revenue as the result of a 1986 audit of the taxpayer’s 1984 tax return. The suit contests the Commissioner’s disal-lowance of a net operating loss carryover claimed by the taxpayer on its 1984 return and seeks the recovery of $215,979.04 in taxes, interest, and penalties paid pursuant to an assessment made by the Commissioner.

The Tennessee Excise Tax Law, T.C.A. § 67-4-801 et seq., imposes a tax on…