Supreme Court throws out tax ruling against MeadWestvaco

AMMAN, Jordan (MarketWatch) — The U.S. Supreme Court unanimously threw out on Tuesday a state court ruling that allowed Illinois to tax part of the capital gains earned by Ohio-based MeadWestvaco Corp. when it sold Lexis/Nexis for $1.5 billion. States are allowed to tax in-state income of out-of-state corporations under some circumstances. The court’s ruling clarifies those conditions.
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