[DOWNLOAD] "Gordon D. Oxx v. Vermont Department Taxes" by Supreme Court of Vermont " Book PDF Kindle ePub Free
eBook details
- Title: Gordon D. Oxx v. Vermont Department Taxes
- Author : Supreme Court of Vermont
- Release Date : January 23, 1992
- Genre: Law,Books,Professional & Technical,
- Pages : * pages
- Size : 65 KB
Description
Gordon and Carol Oxx, Vermont income taxpayers, appeal the superior court's decision affirming the Vermont Commissioner of
Taxes' assessment of their personal income tax for 1986, claiming it was $13,404 too high. They challenge the assessment on
two grounds: (1) Vermont's personal income tax may not be applied to recapture of federal investment tax credit under 32 V.S.A.
§ 5822, and (2) if it can be so applied, the commissioner's application of § 5822 in this case violated
the Equal Protection Clause of the Fourteenth Amendment to the United States Constitution and Chapter I, Article 7 of the
Vermont Constitution. We reverse, because the assessment was unconstitutional as applied. The Oxxes claimed a federal investment tax credit 1 of $6,422 on their 1983 federal income tax return, increasing their
refund for that year by $6,422. The Oxxes claimed an investment tax credit of $61,141 on their 1984 federal return. Because
their adjusted gross income for 1984 was negative, the credit was carried back to 1982, increasing their 1982 refund by $61,141.
Thus, the Oxxes saved a total of $67,563 in federal income taxes over two tax years by applying the federal investment tax
credit. Due to several circumstances, however, the federal income tax savings did not translate into state income tax savings.