FLORIDA EAST COAST RAILWAY COMPANY, APPELLANT,
v.
STATE OF FLORIDA, DEPARTMENT OF REVENUE, APPELLEE
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The court reviewed a corporate income tax deficiency assessment against Stan Musial & Biggies, Inc. (SM & B) for the calendar year 1972, focusing on the applicability of the apportionment formula to a non-unitary business and the tax treatment of a capital gain from securities sold in Missouri.
The court held that the apportionment formula was applicable to SM & B, even though it was not a unitary business, and that the gain from the sale of securities, purchased and sold in Missouri and unrelated to Florida business, should be excluded from Florida taxable income.
SM & B, a foreign corporation, challenged a Florida corporate income tax deficiency for 1972, assessed due to the inclusion of a large capital gain fr…
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PER CURIAM.
The Court has carefully considered the appeal of Florida East Coast Railway Company from the Order of the Department of Revenue wherein the Department upheld the validity of the assessment of a sales and use tax against said railway. The order of the Department of Revenue is free of error, and the same is AFFIRMED.
MILLS, Acting C. J., MELVIN, J., and MASON, ERNEST E., Associate Judge, concur.