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TAXATION & REVENUE DEPT., ETC. v. F.W. WOOLWORTH

No. 12876.

624 P.2d 28 (1981)

TAXATION AND REVENUE DEPARTMENT OF THE STATE OF NEW MEXICO, Petitioner, v. F.W. WOOLWORTH COMPANY, a New York Corporation, Respondent.

Supreme Court of New Mexico.

January 19, 1981.

Attorney(s) appearing for the Case

Jeff Bingaman, Atty. Gen., Sarah E. Bennett, Asst. Atty. Gen., Taxation and Revenue Dept., Sante Fe, for petitioner.

John P. Dwyer, Albuquerque, for respondent.

OPINION

EASLEY, Chief Justice.

Woolworth appealed to the Court of Appeals a decision of the New Mexico Taxation and Revenue Department (Department) which assessed additional corporate income taxes for fiscal year 1976-77. The Court of Appeals, 95 N.M. 542, 624 P.2d 51, reversed the Department. We reverse the Court of Appeals.

There are three issues: (1) whether "gross up", meaning the foreign income taxes paid by...

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