First American National Bank of Knoxville v. Olsen

OPINION

DROWOTA, Justice.

In this tax refund suit, involving two consolidated cases, 1 Plaintiff seeks a refund of corporate excise taxes paid under protest for the tax year 1983. Plaintiff contends that the amended excise tax, T.C. A. §§ 67-4-801, et seq., violates 31 U.S.C. § 3124(a) and impairs the obligation of a contract. Further, Plaintiff alleges that the trial court erred in disallowing the calculation of its 1982 net operating loss to be carried over into the 1983 tax year.

The genesis of this lawsuit is found in this Court’s decision in Memphis Bank & Trust Co. v. Garner, 624 S.W.2d…