C. C. Collings & Co. v. Commonwealth

Opinion- by

Judge Rogers,

In these consolidated appeals,1 a number of the Commonwealth’s corporate taxpayers engaged in the business of underwriting and trading in municipal obligations .seek review of orders of the Board of Finance and Revenue which orders sustained the action of the Department of Revenue in disallowing in the 1978-79 tax years a deduction2 for the purposes of the corporate net income tax of profits from the sale of obligations issued by the Commonwealth, political subdivisions of the Commonwealth and their authorities, commissions, boards and other agencies.. The facts…