Scott Electric Co. v. Commonwealth

FRIEDMAN, Judge.

Before this court are exceptions filed by Scott Electric Company (Scott) to this court’s order of April 4, 1997, in which we affirmed the February 23, 1993 order of the Pennsylvania Board of Finance and Review (Board) denying Scott a refund request for taxes paid on the value of its capital stock. In affirming the Board’s order, we concluded, contrary to Scott’s position, that an S corporation may not assume the tax liability of its shareholders and then deduct that as an expense in calculating its annual net income for capital stock purposes. Scott Electric Co. v.…