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GENERAL MOTORS CORP. v. DEPT. OF TAXATION

No. 032533.

602 S.E.2d 123 (2004)

268 Va. 289

GENERAL MOTORS CORPORATION v. COMMONWEALTH of Virginia, DEPARTMENT OF TAXATION.

Supreme Court of Virginia.

September 17, 2004.

Attorney(s) appearing for the Case

Kenneth H. Silverberg (Leslie Paul Machado, Nixon Peabody, on brief), Washington, DC, for appellant.

(Jerry W. Kilgore, Atty. Gen.; M. Seth Ginther, Senior Asst. Atty. Gen. & Section Chief; Howard T. Macrae, Jr., Asst. Atty. Gen., on brief), for appellee. Appellee submitting on brief.

Present: All the Justices.

LAWRENCE L. KOONTZ, Jr., Justice.

In this appeal, we consider whether the interpretation of the term "cost of performance" by regulations promulgated in 23 VAC § 10-120-250 by the Commonwealth of Virginia Department of Taxation (the Department) is consistent with the use of that term in Code § 58.1-418 for purposes of determining the Virginia taxable income of a financial corporation.

BACKGROUND

The material facts are undisputed or have...

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