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TOLLETT v. FRANKLIN EQUITIES, INC.

586 S.W.2d 96 (1979)

Bob TOLLETT, Commissioner of the Tennessee Department of Revenue, Appellant-Defendant, v. FRANKLIN EQUITIES, INC., Appellee-Plaintiff.

Supreme Court of Tennessee.

Rehearing Denied September 17, 1979.

Attorney(s) appearing for the Case

David S. Weed, Asst. Atty. Gen., for appellant-defendant; William M. Leech, Jr., Atty. Gen., Nashville, of counsel.

H. Wynne James, III, Knoxville, for appellee-plaintiff.

Milton P. Rice, Nashville, amicus curiae brief for Tennessee Taxpayers' Association and Association of Tennessee Life Ins. Companies.

OPINION

HARBISON, Justice.

This action was instituted by a taxpayer to recover corporate franchise taxes paid under protest. It contended that intangible assets of the corporation should not be included in the statutory franchise tax base. The trial judge allowed recovery and the Commissioner of Revenue has appealed. In our opinion the provisions of the applicable statutes support the contentions of the appellant.

Both parties moved for summary judgment...

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