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...
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