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COM. v. ACF INDUSTRIES, INC.

441 Pa. 129 (1970)

Commonwealth v. ACF Industries, Incorporated, Appellant.

Supreme Court of Pennsylvania.

November 12, 1970.

Attorney(s) appearing for the Case

N. David Rahal, with him Roy J. Keefer, and Metzger, Hafer, Keefer, Thomas & Wood, for appellant.

Edward T. Baker, Deputy Attorney General, with him William C. Sennett, Attorney General, for Commonwealth, appellee.

Before BELL, C.J., JONES, COHEN, EAGEN, O'BRIEN, ROBERTS and POMEROY, JJ.

OPINION BY MR. JUSTICE COHEN, November 12, 1970:

This is an appeal by ACF Industries, Incorporated (ACF), from a settlement of its corporate net income tax for the fiscal year ended April 30, 1962. The sole question is whether it must include the gain on the sale of certain securities in the income reported by it to the Commonwealth of Pennsylvania (Commonwealth) for that year.

ACF is a New Jersey corporation with its headquarters in New York City. It is registered...

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