Dismissal of the appeal regarding direct federal tax and state and municipal taxes 2007

Facts

The [X. AG] , a company based in [B.] , which provides services in the field of asset management and tax consulting, formed a lump-sum value adjustment reserve of 14.1% on its exchange-listed securities portfolio as of December 31, 2007, in its 2007 income statement. This reserve amounted to 2.5 million francs. The [X. AG] based itself on the information sheet of the cantonal tax office of Zurich of July 20, 2005, on the taxation of banks and securities dealers, which provides for such lump-sum value adjustments on trading inventories in securities and precious metals.

The cantonal tax office of Zurich taxed the [X. AG] on August 9 and 30, 2010, for state and municipal taxes and for direct federal tax, respectively, with a taxable net profit of Fr. 3,836,100.--, offsetting the value adjustment reserve of Fr. 2,500,000.--. The subsequent remedies had no success.

Before the Federal Court, the [X. AG] requests that the judgments of the Administrative Court of the Canton of Zurich of January 18, 2012, be annulled and that it be taxed for the tax year 2007 according to the submitted tax return for state and municipal taxes as well as for direct federal tax for a taxable net profit of Fr. 1,336,160.-- and taxable equity of Fr. 9,137,127.--.

Considerations

The Federal Court applies the law ex officio and bases its judgment on the facts established by the lower court. The appeal can specifically claim a violation of the law. The Federal Court examines the violation of fundamental rights and cantonal law only insofar as such a complaint has been raised and substantiated in the appeal.

The lower court considered that the appellant does not belong to the taxable persons who fall within the scope of the information sheet, as it is neither a bank according to BankA nor a securities dealer within the meaning of SESTA. Furthermore, there are material reasons to grant securities dealers under SESTA a lump-sum value adjustment according to the information sheet, which other taxable persons cannot invoke.

The appellant complains of an arbitrary incomplete establishment of the relevant facts by…