Chronicle Publishers, Inc. v. South Carolina Tax Commission

Brailsford, Justice.

This is an appeal by the South Carolina Tax Commission from a judgment in favor of The Chronicle Publishers, Inc., for a sum assessed against it as additional income tax and paid under protest. The sole issue is whether the taxpayer has “established a new business or industry in this State,” within the meaning of Section 65-259(12), which we quote.

“With respect only to taxpayers who have established a new business or industry in this State during the calendar year 1955 and thereafter, * * *, there shall be allowed as a deduction from gross income a net operating loss…