A North Carolina appeals court is backing up the power of tax collectors to recalculate the returns of multi-state companies that shift assets to try avoiding or diminishing corporate income bills.
August 21, 2012 at 12:00 AM
1 minute read
RALEIGH, N.C. (AP) A North Carolina appeals court is backing up the power of tax collectors to recalculate the returns of multi-state companies that shift assets to try avoiding or diminishing corporate income bills.
A unanimous three-judge panel of the state Court of Appeals ruled Tuesday against Food Lion’s parent company, saying the grocery store chain owes North Carolina $10 million in back taxes and penalties.
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