Legal Opinion
State v. L. & A. Contracting Co.
Mississippi Supreme Court
Decided October 9, 1961No. 41956PublishedCited by 9 opinions
1Opinion of the CourtEthridge, J.
This case involves the validity of a state income tax deduction as an ordinary and necessary business expense or loss incurred in trade or business. A successor corporation, owned by the partners, assumed and paid a debt of the predecessor partnership, under a claimed necessity to obtain future financing from the creditor. We hold the payment is not a deductible expense or loss.
L. & A. Contracting Company (called L. & A.) is a corporation domiciled at Hattiesburg, Mississippi, and engaged in the business of contracting for highway construction. It filed its Mississippi income tax return for…
2Cases cited3 opinions
- Welch v. HelveringSupreme Court of the United States · 1933
- White v. Commissioner of Internal RevenueCourt of Appeals for the Ninth Circuit · 1932
- Tupelo Garment Co. v. State Tax CommissionMississippi Supreme Court · 1937
3Cited by9 opinions
- Burlington Northern Railroad v. StrackbeinSouth Dakota Supreme Court · 1986
- Purcell Co. v. MISSISSIPPI STATE TAXMississippi Supreme Court · 1990
- Tucson Electric Power Co. v. Arizona State Department of RevenueArizona Tax Court · 1991
- BBM Ventures, LLC, Ballery Bully and Greta Bully v. Herb Frierson, in his Official Capacity as the Commissioner of Revenue of the Mississippi Department of RevenueCourt of Appeals of Mississippi · 2022
- Back Bay Lawnscapes LLC, Lowell Fountain and Bethany Fountain v. Christopher Graham, In His Official Capacity as The Commissioner of the Mississippi Department of RevenueCourt of Appeals of Mississippi · 2025
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