Michigan Urges State Justices to Let Capital Gains Rulings Stand

Two appeals court rulings on how to calculate capital gains are “unremarkable” and unworthy of the Michigan Supreme Court’s attention, the state treasury department argued in a pair of briefs.

Michigan Bell Telephone Co. and Republic Services of Michigan asked the high court to overturn rulings in favor of the Michigan Treasury Department. The Department had rejected the companies’ adjustments to federal taxable income related to the sale of assets bought while one state corporate tax regime was in effect but sold under either of the two laws that took its place.

Rather than calculating their federal taxable income under ...