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FCX, INC. v. S.C. TAX COMMISSION

0187

283 S.C. 142 (1984)

322 S.E.2d 208

FCX, INC., Appellant, v. SOUTH CAROLINA TAX COMMISSION, Respondent.

Court of Appeals of South Carolina.

Decided May 29, 1984.

Attorney(s) appearing for the Case

Clinch Heyward Belser, Columbia, for appellant.

Atty. Gen. T. Travis Medlock, Retired Atty. Gen. Daniel R. McLeod, Deputy Atty. Gen. Joe L. Allen, Jr., and Asst. Attys. Gen. Jackson E. Fields, Jr., and Ray N. Stevens for respondent.

Heard January 24, 1984.

Decided May 29, 1984.

BELL, Judge:

This is an action by FCX, Inc., a farmers' cooperative, for a refund of income taxes paid under protest.1 FCX seeks to exclude from its taxable income the amount of patronage refunds issued to its members in the form of certificates of equity. The circuit court held the refunds were not excludable and denied relief. We affirm.

FCX is organized and incorporated...

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