Newell Window Furnishing, Inc. v. Johnson

OPINION

SHARON G. LEE, Sp. J.,

delivered the opinion of the court,

in which HERSCHEL P. FRANKS, P.J., and D. MICHAEL SWINEY, J., joined.

The issues presented in this case involve the interplay between the Tennessee excise tax and the provisions of 26 U.S.C. § 338(h)(10). Newell Window Furnishing, Inc. (“Newell”) filed suit for refund of state excise tax paid on income recognized from the sale of corporate capital stock it owned in Kirsch, Inc. (“Kirsch”). The trial court denied the refund. After careful review, we affirm the decision of the trial.

I.Background

This case concerns the State excise…