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SJC Weighs Capital Gains Tax Application Case

The seven justices of the Supreme Judicial Court sat remotely Wednesday morning to hear arguments in a case that revolves around the state's authority to tax the capital gain realized when an out-of-state company sold its interest in a Bay State LLC. [Screenshot]

Any Massachusetts resident who owns stock in a company based elsewhere, like Michigan-based Ford Motor Company, could get a tax bill from every state in which Ford does business if the Supreme Judicial Court upholds the commissioner of revenue's decision, an attorney warned the justices Wednesday as they wrestled with a complicated and closely-watched case.

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