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FIRST FED. S. & L. OF PHILA. v. COM.

515 Pa. 369 (1987)

528 A.2d 942

FIRST FEDERAL SAVINGS AND LOAN ASSOCIATION OF PHILADELPHIA, Appellant, v. COMMONWEALTH of Pennsylvania, Appellee.

Supreme Court of Pennsylvania. Eastern District.

Decided July 9, 1987.

Attorney(s) appearing for the Case

John F. Stoviak, Timothy W. Callahan, II, Philadelphia, for appellant.

LeRoy S. Zimmerman, Atty. Gen., Vincent J. Dopko, Deputy Atty. Gen., for appellee.

Before NIX, C.J., and LARSEN, FLAHERTY, HUTCHINSON and PAPADAKOS, JJ.

OPINION

NIX, Chief Justice.

In this appeal we must determine whether interest on tax-exempt Commonwealth obligations held for investment by a mutual thrift institution must be included in that institution's net income for purposes of the Mutual Thrift Institution Tax Act ("MTITA"),1 and is thereby subject to taxation.

I.

The stipulations agreed to by the parties to this appeal reflect the following pertinent...

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