Indiana DOR Partially Sustains Taxpayer’s Protest Regarding Corporate Income Tax

The Indiana Department of Revenue (DOR) issued a supplemental letter of finding regarding the taxpayer’s protest of a 2020 corporate income tax assessment. The taxpayer, a multinational conglomerate conducting business in Indiana and outside of Indiana, periodically filed Indiana corporate income tax returns on a combined basis together with its subsidiaries. In 2020, the taxpayer reported no tax due, having reduced its tax obligation by carrying forward its net operating losses (NOLs) from the previous year. The taxpayer also carried forward the remaining balance to the subsequent year. The Department disallowed the NOLs and assessed additional tax, interest, and penalties. ...