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COMMONWEALTH v. OLIN CORPORATION

181 S.E.2d 818 (1971)

212 Va. 53

COMMONWEALTH of Virginia v. OLIN CORPORATION.

Supreme Court of Appeals of Virginia.

June 14, 1971.

Attorney(s) appearing for the Case

Lee F. Davis, Jr., Asst. Atty. Gen. (Andrew P. Miller, Atty. Gen., on brief), for plaintiff in error.

G.R.C. Stuart, James P. Jones, Abingdon (Penn, Stuart & Eskridge, Abingdon, on brief), for defendant in error.

Before SNEAD, C.J., and I'ANSON, GORDON, HARRISON, COCHRAN and HARMAN, JJ.

GORDON, Justice.

Olin Corporation is a Virginia corporation having income that is taxable both within and without this State. The Virginia income tax law permits such a corporation to apportion its income according to a formula that takes into account the percentages of total property, payroll and sales within this State. Code § 58-131.2.

In its State income tax returns for 1963 and 1964, Olin computed its net taxable income as follows: Olin (1) subtracted...

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