Philip Morris USA, Inc. v. Tolson

WYNN, Judge.

When an alternative tax formula or other method more accurately reflects a corporation’s income allocable to North Carolina, the corporation shall allocate its net income for future years in accordance with the Tax Review Board. 1 Here, Philip Morris USA, Incorporated (hereafter “Taxpayer”) appeals from a denial of its request of a tax refund of over $30 million based on its claim of entitlement to the benefits of both a “special tax allocation formula” under two Tax Review Board orders and a subsequently enacted corporate tax incentive formula under N.C. Gen. Stat. § 105-130.4(i)…