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KANSAS CITY SOUTHERN RY. CO. v. PLEDGER

No. 89-313.

785 S.W.2d 462 (1990)

301 Ark. 564

The KANSAS CITY SOUTHERN RAILWAY COMPANY, Appellant, v. Jim C. PLEDGER, Commissioner of Revenues, Revenue Division Department of Finance and Administration, State of Arkansas, Appellee.

Supreme Court of Arkansas.

March 19, 1990.

Attorney(s) appearing for the Case

Rowland & Templeton, Little Rock, Hardin, Jesson & Dawson, Fort Smith, for appellant.

Philip Raia, Little Rock, for appellee.

TURNER, Justice.

This appeal involves the interpretation of certain provisions of the Arkansas income tax laws relating to corporate income taxes. The appellant, the Kansas City Southern Railway Company, deducted dividends received from its subsidiary, L & A Railroad, as nontaxable or exempt income for the 1982 taxing year. Kansas City Southern had a net loss in the 1982 tax year and carried this loss forward on its 1983 Arkansas income tax return. However, in...

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