The instant proceeding involves a determination of respondent sustaining the disallowance of a portion of petitioner's interest expenses for long-term and short-term debts as a deduction from net income on petitioner's State franchise tax for 1977. Petitioner, a New York corporation, is a long-established retailer of merchandise throughout the United States and its territories. It also has 11 subsidiaries worldwide, all but one of which are...
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