S-23-0564 Precision Castparts Corporation (Appellant) v. Nebraska Department of Revenue and Tony Fulton, in his official capacity as Nebraska Tax Commissioner (Appellee)
Appeal from District Court for Lancaster County, Judge Kevin R. McManaman
Attorneys: Nicholas K. Niemann and Matthew R. Ottemann (McGrath North Law Firm for Appellant), Michael B. Kimberly, Stephen P. Kranz, and Abbey Bowe (McDermott, Will & Emery as Pro hac vice for Appellants), and Eric J. Hamilton and Zachary Pohlman (Office of the Solicitor General for the Nebraska Department of Justice for Appellee)
Civil: Taxable income
Proceedings below: The district court upheld the Nebraska Tax Commissioner’s determination that Appellant had to include Section 965 income as Nebraska taxable income. Appellant filed a Petition to Bypass the Court of Appeals, which the Supreme Court granted and ordered this case to be transferred from the docket of the Court of Appeals to its docket.
Issues: Appellant makes the following assignment of error: 1) The district court erred in declaring that Section 965 income is not, “dividends ... deemed to be received,” within the meaning of Neb. Rev. Stat. § 77-2716(5) and thus may not be subtracted from federal taxable income to derive the Nebraska taxable income base.