[DOWNLOAD] "Dewitt V. Magma Copper Co." by Arizona Court of Appeals # eBook PDF Kindle ePub Free
eBook details
- Title: Dewitt V. Magma Copper Co.
- Author : Arizona Court of Appeals
- Release Date : January 27, 1972
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 57 KB
Description
Magma Copper Company, appellee, brought suit in the Superior Court of Pinal County in October 1969, to obtain a refund from the State of Arizona of income taxes in the amount of $159,836 with interest. The defendant, Arizona Tax Commission, moved for summary judgment on the basis that federal income taxes are deductible in determining the net income limitation on the depletion allowance for purposes of the Arizona Income Tax Act. Magma's position was that the tax commission had consistently followed the procedure of not deducting federal income taxes in computing the net income limitation for percentage depletion and that a change in such practice without advance notice to Magma, together with the retroactive application of the "new rule" by the tax commission, violated the due process provisions of the Constitution of Arizona and the United States Constitution. The tax commission's motion for summary judgment was denied and the case proceeded to trial before the superior court, sitting without a jury. Findings of fact and conclusions of law were requested and made by the court. The court awarded judgment to Magma Copper Company in the amount of $133,977 for overpayment of 1965 Arizona income taxes and $18,719.73 for overpayment of interest; $6,595 for overpayment of 1966 Arizona income taxes and $525.87 for overpayment of interest; together with interest on said amounts at the rate of six per cent per annum from the date of payment to the State Tax Commission until paid by the State Tax Commission and for costs.