Duke Energy Corp. v. South Carolina Department of Revenue

We granted certiorari to review the Court of Appeals’ decision affirming the administrative law judge’s finding that the principal recovered from the sale of short-term securities was not includible in the sales factor of the multi-factor apportionment formula, and, therefore, Duke Energy was not entitled to a tax refund. See Duke Energy Corp. v. S.C. Dep’t of Revenue, 410 S.C. 415, 764 S.E.2d 712 (Ct.App.2014). We affirm as modified.

FACTS

The controversy in this case arises from the South Carolina Department of Revenue’s (“SCDOR”) computation of Duke Energy’s taxable income.

Duke Energy…