Six major motion picture studios claimed victory...

Six major motion picture studios claimed victory in a $500-million dispute with Capital Cities/ABC over investment tax credits for television programs. The U.S. Court of Appeals in Washington held that the studios, rather than networks, were entitled to the tax credit on all filmed programs produced by the studios since 1972. The appellate court asked the U.S. Claims Court to explain more fully its reason for denying the tax credit to ABC for programs produced from 1962 to 1972. In those years, according to studio counsel Stuart Robinowitz, the tax credit was divvied between networks and studios.