In this issue:

- California FTB Takes Harley-Davidson for a Ride: Securitization Subsidiaries Are Financial Corporations with Nexus in California

- “Tut-Tut,” Long Beach: California Supreme Court Permits Taxpayers to File Class Action Suit to Recover Telephone User Taxes

- California Court of Appeal Lends Judicial Support for Declining Term of Possessory Interests and for Authoritativeness of Assessors’ Handbooks

- Enterprise Portfolio Management: The Next Generation of New York Nontaxable Products

- MTC Three-Factor Election Falls Flat in Texas

- Excerpt from: MTC Three-Factor Election Falls Flat in Texas:

A Texas administrative law judge ruled that a taxpayer was not entitled to make an alternative three-factor apportionment election under Article IV of the Multistate Tax Compact (Compact) for Texas franchise tax purposes. The Texas Tax Code requires taxpayers to use a single gross receipts factor to apportion taxable margin to Texas. The taxpayer filed refund claims in which it asserted its right to use the alternative three-factor apportionment formula set forth in the Compact to determine its franchise tax liability...

Please see full newsletter below for more information.

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Tax

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.

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