Knaggs v. Clark

OPINION

BOURCIER, Justice.

This case comes before us on a petition for certiorari brought by R. Gary Clark, the state tax administrator, seeking review 'of a final judgment of the Sixth Division District Court, in favor of the respondent-taxpayers, Ronald and Shelley B. Knaggs (the Knaggs). A District Court judge found that the federal tax on excess golden parachute payments, contained in I.R.C. § 4999, was an excise tax and not an income tax subject to taxation as income in Rhode Island. The question before this Court is whether that finding by the District Court was correct. For the reasons…