Union Carbide Corp. v. Huddleston

OPINION

ANDERSON, Justice.

The question we are asked to decide in this direct excise tax appeal is whether or not the taxpayer’s capital gains in 1986 from the sale of assets constituted “business earnings,” as defined in Tenn.Code Ann. § 67-4-804(a)(1) 1 . Relying on General Care Corp. v. Olsen, 705 S.W.2d 642 (Tenn.1986), the Chancellor found that the taxpayer’s 1986 capital gains were “non-business earnings,” and therefore not taxable in Tennessee. We agree and affirm.

FACTUAL BACKGROUND

The facts in this record are, for the most part, stipulated. The balance of the proof is largely…