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DAYCO CORPORATION v. CLAYTON

No. 28.

153 S.E.2d 28 (1967)

269 N.C. 490

DAYCO CORPORATION v. I. L. CLAYTON, Commissioner of Revenue.

Supreme Court of North Carolina.

March 1, 1967.

Attorney(s) appearing for the Case

Atty. Gen. T. W. Bruton and Deputy Atty. Gen. Peyton B. Abbott, for defendant appellee, Commissioner of Revenue.

Millar & Alley, Waynesville, for plaintiff appellant; Kennedy Legler, Jr., of counsel.

LAKE, Justice.

The plaintiff does not contend that the assessment in question has the effect of the levy of a tax on income which is beyond the constitutional power of the State to tax. The sole question is the right of the plaintiff to deduct from that portion of its income, otherwise subject to tax by the State, a certain amount by reason of a "net economic loss" sustained by the plaintiff in an earlier year. The General...

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