The company informed the state supreme court on Friday that Mississippi ought to have permitted specific modifications to a casino operator's franchise tax base in order to more accurately reflect its assets within the state.
In its opening brief at the Mississippi Supreme Court, Riverboat argued that the Mississippi Department of Revenue was fixated on the labels in the federal tax return filed by the parent company of Riverboat Co. of Mississippi LLC. Nonetheless, the Supreme Court ruled that "nothing turns on the labels" and that, in order to ascertain a taxpayer's true capital, courts should instead consider the content of a transaction.
In its opening brief at the Mississippi Supreme Court, Riverboat argued that the Mississippi Department of Revenue was fixated on the labels in the federal tax return filed by the parent company of Riverboat Co. of Mississippi LLC. Nonetheless, the Supreme Court ruled that "nothing turns on the labels" and that, in order to ascertain a taxpayer's true capital, courts should instead consider the content of a transaction.
