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CAVALIER INDUSTRIES, INC. v. OLSEN

706 S.W.2d 950 (1986)

CAVALIER INDUSTRIES, INC., et al., Appellants, v. Martha B. OLSEN, Commissioner of Revenue of Tennessee, Appellee. TRI COUNTY GAS & OIL, INC., et al., Appellants v. Martha B. OLSEN, Commissioner of Revenue of Tennessee, Appellee. HOUSING DEVELOPMENT ASSOCIATES, INC., et al., Appellants, v. Donald JACKSON, Commissioner of Revenue of Tennessee, Appellee.

Supreme Court of Tennessee, at Nashville.

Application for Permission to Rehear Was Overruled March 24, 1986.

Attorney(s) appearing for the Case

Harris A. Gilbert, Ralph Z. Levy, Jr., Gilbert, Frank & Milom, Nashville, for Cavalier Industries, Inc.

Everett H. Falk, Donelson, Stokes & Bartholomew, P.A., Nashville, for Housing Development Associates, Inc. and Tri-County Gas & Oil, Inc.

Joe C. Peel, Asst. Atty. Gen. (W.J. Michael Cody, Atty. Gen., Nashville, of counsel), for appellee.

OPINION

COOPER, Justice.

In these actions which were consolidated on appeal, the several corporate plaintiffs seek recovery of excise taxes paid under protest. The dispute is over that part of the gain from the sale of assets represented by installment notes distributed to shareholders in accordance with a plan of complete liquidation of the corporation. The trial courts concluded the gain was "net earnings," within the statutory definition of the term,...

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