Caterpillar Can't Count Foreign Dividends As Ind. Losses

Law360, New York (August 25, 2014, 3:03 PM EDT) -- The Indiana Supreme Court ruled Monday that Caterpillar Inc. can't use foreign-dividend deductions to increase its state operating losses, overriding a tax court decision to let the company claim tax refunds by literally drawing new blanks on its state tax forms.

The state high court ruled that using foreign dividend deductions violates state law, overturning a 2008 tax court ruling allowing the company to count foreign-source dividend income in its 2000-03 calculations of its net operating losses in Indiana and carry the losses into other tax years.

"The Indiana NOL statute does not reference or incorporate the foreign source dividend deduction...

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