Futura Corporation v. State Tax Commission

SPEAR, Justice.

This appeal raises one issue of law only, namely, whether dividend income received by the appellant corporation (hereinafter referred to as the taxpayer) from Boise Cascade Corporation for the fiscal year ending November 30, 1963, must be included as taxable income to the State of Idaho.

In its Idaho State Income Tax Return for the fiscal year ending November 30, 1963, the taxpayer herein failed to include as taxable income certain monies it had received from diversified sources, to-wit, lease rental income from manufacturing machinery located outside the State of Idaho and…