SOUTHERN RY. CO. v. STATE BD. OF EQUALIZATION


682 S.W.2d 196 (1984)

SOUTHERN RAILWAY COMPANY; Cincinnati, New Orleans & Texas Pacific Railway Company; Louisville & Nashville Railroad Company; Clinchfield Railroad Company; and Missouri, Pacific Railroad Company, Appellees, v. STATE BOARD OF EQUALIZATION of the State of Tennessee; Lamar Alexander, Chairman; Gentry Crowell, Vice Chairman; William R. Snodgrass; Harlan Mathews; John E. Sloan, Jr.; Martha Olsen; Claude Ramsey; and William C. Koch, Jr., Members of the State Board of Equalization of the State of Tennessee, Appellants.

Supreme Court of Tennessee, at Nashville.

December 10, 1984.


Attorney(s) appearing for the Case

Jim G. Creecy, Deputy Atty. Gen., W.J. Michael Cody, Atty. Gen. and Reporter, Nashville, for appellants.

Everett B. Gibson, Memphis, William C. Antoine, Washington, D.C., Marion F. White, Laughlin, Halle, Clark, Gibson & McBride, J. Richard Buchignani, Wildman, Harrold, Allen, Dixon & McDonnell, Memphis, Tyree B. Harris, Dodson, Harris, Robinson & Aden, Nashville, Courtney George, Seaboard System Railroad, Jacksonville, Fla., Henry C. Wolf, Norfolk Southern Corp., Roanoke, Va., for appellees.


OPINION

COOPER, Chief Justice.

This case involves a dispute between five railroads and the State Board of Equalization (Board) concerning the valuation of railroad property for ad valorem tax purposes in 1981. On an appeal of the value placed by the Board on railroad property for ad valorem taxation, the Chancery Court of Davidson County concluded that neither the Board's treatment of accumulated deferred income taxes nor the Board's valuation of the cost...

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