State and Local Tax Insights -- Summer 2012


In This Issue:

To Be Or Not To Be: Nonbusiness Income; Upcoming 2012 Speaking Engagements; The Unitary Business Principle Applies to More Than Corporate Net Income Taxes: Reynolds Metals Company v. Department of Treasury; Thoughts on California Residency; Comity Stalls Challenge to New York City Parking Tax Exemption; and State Taxation of Multinational Businesses.

Excerpt from To Be Or Not To Be: Nonbusiness Income

In recent years, taxpayers have been confronted with an everchanging sea of definitions, tests and analyses with respect to nonbusiness income claims. From statutory changes to seemingly more frequent adverse court decisions, taxpayers are increasingly confronted with statutes that have been drafted, or interpreted, to narrow the scope of what constitutes nonbusiness income. In fact, many of the recent court decisions classifying gains as nonbusiness income have come from states that amended their statutes after the tax years involved in the cases.

Please see full issue below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Morrison & Foerster LLP | Attorney Advertising

Written by:


Morrison & Foerster LLP on:

Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.
*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.