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CLAYTON & LAMBERT MFG. CO. v. KENTUCKY STATE T. COM'N.

265 S.W.2d 449 (1954)

CLAYTON & LAMBERT MFG. CO., Inc. v. KENTUCKY STATE TAX COMMISSION et al.

Court of Appeals of Kentucky.

February 26, 1954.

Attorney(s) appearing for the Case

Caldwell & Robinson, Ashland, for appellant.

J. D. Buckman, Atty. Gen., William E. Scent, Asst. Atty. Gen., Hal O. Williams, Asst. Atty. Gen., for appellees.

COMBS, Justice.

The appellant is a Delaware corporation having its principal place of business in Louisville, Kentucky. In 1946 it sold certain tangible assets having a situs in the state of Michigan and realized a capital gain of approximately $356,000 on which it paid a capital gains tax to the United States. In reporting its income to the state of Kentucky for the year 1946 the Company deducted from its gross income the amount of the capital gains tax paid to the...

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