1/17/2013
SALT Report 2050 – The California Supreme Court has granted the Franchise Tax Board’s petition for review of an appellate court’s decision in Gillette v. FTB. The appellate court ruled that taxpayers have the right to use the Multistate Tax Compact’s equally-weighted apportionment formula when apportioning their net income to determine their California corporate franchise and income tax liabilities.
For Further Information:
California Supreme Court – Case Number S206587 petition for review granted
SALT Report 1902 – FTB Files Petition for Review of Gillette Decision
SALT Report 1781 – The Gillette Decision and the Large Corporate Understatement Penalty
