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BROWN v. DEPT. OF REV. EX REL. CARPENTER

558 S.W.2d 635 (1977)

John Y. BROWN and Eleanor D. Brown, Appellants, v. DEPARTMENT OF REVENUE of the Commonwealth of Kentucky, by and on relation of Maurice P. CARPENTER, Commissioner of Revenue, Appellee.

Court of Appeals of Kentucky.

November 18, 1977.

Attorney(s) appearing for the Case

Thomas A. Brown, Greenbaum, Doll, Mathews & Boone, Louisville, for appellants.

Thomas A. Duke, Legal Staff, Dept. of Revenue, Frankfort, for appellee.

Before PARK, WHITE and WINTERSHEIMER, JJ.

PARK, Judge.

This appeal presents a single issue: whether a shareholder's pro rata share of the net operating loss of a subchapter S corporation may be deducted in determining the shareholder's 1970 Kentucky income tax liability. The Kentucky Board of Tax Appeals and the Franklin Circuit Court both upheld the ruling of the Department of Revenue that no part of a corporation's net operating loss could be deducted by a shareholder for Kentucky income tax purposes. We...

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