Morville House, Inc. v. Commissioner of Corporations & Taxation

In these actions for declaratory judgments pursuant to G. L. c. 231A the parties have stipulated as to the issue of law presented for determination by this court and as to the material facts. 2 The issue is whether Federal “interest reduction payments,” authorized by 12 U.S.C. § 1715z-l (1970), 3 are includible in gross income from all sources, and therefore taxable under G. L. c. 121 A, § 10. 4 The Commissioner of Corporations and Taxation (Commissioner) has assessed the “interest reduction payments” as an element of gross income under c. 121 A, § 10, and asserts that the plaintiffs here…