Mississippi Department of Revenue v. AT&T Corporation

KITCHENS, JUSTICE,

FOR THE COURT:

¶1. Mississippi Code Section 27-7-15(4)® exempts from taxation “[ijncome from dividends that has already borne a tax as dividend income under the provisions of this article, when such dividends may be specifically identified in the possession of the recipient.” Miss. Code Ann. § 27-7-15(4)© (Rev. 2013). In 2003, the then-Mississippi State Tax Commission assessed additional income tax, penalties, and interest in an amount greater than $11.75 million against AT & T based on its income from dividends from non-Mississippi subsidiaries. After availing itself of the…