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Argued: October 10, 2001

OPINION

The Commonwealth of Pennsylvania has filed exceptions to the decision of a panel of this Court on these consolidated petitions for review from orders of the Board of Finance and Revenue (Board) that affirmed the recalculation by the Department of Revenue (Department) of the capital stock tax liability of Shawnee Development, Inc. (Shawnee). Applying Section 1903(a) of the Statutory Construction Act of 1972, 1 Pa. C.S. �1903(a), the panel concluded that the term “income per books” as applied in reference to a non-”S” corporation had acquired a peculiar and appropriate meaning derived from federal tax law. *fn3 The panel further concluded that because Shawnee remained insolvent after substantial debt forgiveness the Department erred by regarding the amount forgiven as income per books in calculating the capital stock value and reversed. Shawnee Development, Inc. v. Commonwealth, 764 A.2d 659 (Pa. Cmwlth. 2000), exceptions filed (Pa. Cmwlth., January 12, 2001) (Nos. 871 F.R. 1996 and 925 F.R. 1998).

 
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