State and Local Tax Insights -- Summer 2012

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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.

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