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UTICA BANKSHARES v. TAX COM'N

No. 75480.

892 P.2d 979 (1994)

UTICA BANKSHARES CORPORATION, Appellant, v. OKLAHOMA TAX COMMISSION, Appellee.

Supreme Court of Oklahoma.

As Modified on Grant of Rehearing January 24, 1995.

Rehearing Denied April 13, 1995.

Attorney(s) appearing for the Case

John B. Turner and Susan Stidham Brandon, Doerner, Stuart, Sanders, Daniel & Anderson, Tulsa, for appellant.

Joe Mark Elkouri, Gen. Counsel and J.L. Miller, Asst. Gen. Counsel, Oklahoma Tax Com'n, Oklahoma City, for appellee.

ALMA WILSON, Justice.

The dispositive issue is whether the Oklahoma Income Tax Act, §§ 2352, et seq., of Title 68 authorizes a deduction based on federal net operating loss over and above the federal net operating loss deduction allowed by the Internal Revenue Service for the corresponding tax year. We also decide whether 68 O.S. 1981, § 2358(A)(3)(a) operates to allocate an Oklahoma carryback deduction where Oklahoma net operating loss is less than...

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