Mass. High Court To Gauge Reach Of Wynne In Bank Tax Case
Law360, New York (May 2, 2016, 8:02 PM EDT) -- The Massachusetts Supreme Judicial Court is set to hear oral arguments Tuesday over a financial institution's excise tax bill in a case that will test the reach of a recent decision by the U.S. Supreme Court that invalidated Maryland's tax system for potential double taxation.
In October, the U.S. Supreme Court vacated and remanded to the Massachusetts Supreme Judicial Court its ruling that First Marblehead Corp. incorrectly apportioned its income to the state and owed $4 million in financial institution excise taxes, or FIET, to the Department of Revenue.
The high court said the Supreme Judicial Court must reconsider its decision...
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