Boston (Nov. 5, 2002) -- In a major ruling that favors companies seeking tax benefits through subsidiary transactions, the Massachusetts Supreme Court held that Sherwin-Williams Company was within its legal right to seek tax advantages through transactions with its subsidiaries and affiliates.

The decision overturned an earlier Appellate Tax Board ruling, which found that the transfer and licensing-back transactions between a parent company and its subsidiaries were without economic substance and therefore "a sham in substance."

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