Precision Castparts Corp. v. Nebraska Dept. of Rev.

Summary

The Nebraska Supreme Court affirmed the district court’s denial of Precision Castparts Corp.’s request to deduct income included under federal tax provision §965 as a “dividends … deemed to be received” under Neb. Rev. Stat. §77‑2716(5). The Court held that §965 income is not a dividend nor a deemed dividend, and therefore is not deductible under the statute. The decision relied on a plain‑meaning construction of the Nebraska statute and the U.S. Supreme Court’s description of §965 as a pass‑through tax.