Milwaukee Gas Light Co. v. Department of Taxation

The issue raised by this appeal is whether a public utility taxpayer is permitted to deduct from gross income, for purposes of computing its net income subject to Wisconsin income tax, the additional amounts which it was ordered to charge to depreciation and to credit to its reserve for depreciation under the PSC order of August 30, 1956. This issue is one of first impression in Wisconsin. It arises solely because of the complete statutory scheme of public-utility regulation and the legal impact of such regulation on all of taxpayer’s accounting, income, and property values, and has no…