BRACY DEVELOPMENT CO. v. MILAM

No. 5-5836.

478 S.W.2d 765 (1972)

BRACY DEVELOPMENT CO., Inc., Appellant, v. Max MILAM, Director of Department of Finance and Administration for the State of Arkansas, Appellee.

Supreme Court of Arkansas.

Rehearing Denied May 8, 1972.


Attorney(s) appearing for the Case

Smith, Williams, Friday, Eldredge & Clark, by Byron M. Eiseman, Jr., and James C. Clark, Jr., Little Rock, for appellant.

Dewey Moore, Jr., Dept. of Finance & Administration, Little Rock, for appellee.


JONES, Justice.

This is an appeal by Bracy Development Co., Inc. from an adverse decree of the Pulaski County Chancery Court in a suit by Bracy Development to void a corporate income tax assessment made by Max Milam, Director of Department of Finance and Administration for the State of Arkansas, hereinafter referred to as "director."

The question presented, under carefully stipulated facts, is whether a net operating loss carryover available to a corporation...

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