United States:
Texas Court Of Appeals Rules Payments Into Asbestos Settlement Fund Not Includible In COGS Deduction
30 June 2017
Grant Thornton LLP
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The Texas Court of Appeals, Fourth District,
recently affirmed a District Court decision which determined that a
taxpayer was not entitled to include a payment into an asbestos
settlement trust fund in its Texas Franchise Tax "cost of
goods sold" deduction. Specifically, the costs did not qualify
as “costs of quality control” pursuant to Tex. Tax Code
Ann. Sec. 171.1012(d)(9).
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