Commercial Equities Corp. v. Tollett

HENRY, Justice.

This is a suit for the refund of corporate franchise taxes paid under protest for the tax years 1972, 1973 and 1974. Plaintiff taxpayer is a Tennessee corporation. engaged, according to its charter, in the business of “construction, ownership, sale, lease and other disposition of real property.” During the tax years in question plaintiff’s only business undertaking was the construction and lease of Airways Plaza, an office building complex located in Nashville.

For the years 1972, 1973 and 1974, plaintiff excluded from its corporate franchise tax base $1,102,052.00 in 1972,…