News & Analysis as of

California Tax Developments - A Reed Smith Quarterly Update (3rd Quarter 2014)

Case Updates - Court finds ownership of LLC membership interest does not constitute doing business in California On November 14, the Fresno County Superior Court determined that Swart, an Iowa-based corporation with a...more

FTB Announces Temporary Reprieve on Retroactive Assessment of Qualified Small Business Stock Taxes

On January 8, 2013, we published a newsletter (a copy of which can be found here) detailing the Franchise Tax Board's ("FTB") questionable legal and policy decision to begin collecting on a retroactive basis approximately...more

The State Of California Seeks Back Taxes From Small-Business Shareholder- Not So Fast

A closer look at federal constitutional case law would seem to indicate that the State of California may not find it so easy to seek refunds plus interest after all....more

California’s Attempt to Retroactively Tax its Residents

In Cutler v. Franchise Tax Board, a case litigated by Reed Smith, a California Court of Appeal held that the California property and payroll requirements of California’s Qualified Small Business Stock provisions were invalid....more

Tax Alert: FTB Disallows California Qualified Small Business Stock Benefits

The California Franchise Tax Board (FTB) recently issued FTB Notice 2012-03, stating that the FTB will disallow the exclusion or deferral of gain under California's qualified small business stock (QSBS) statute for all tax...more

FTB Retroactively Denies "Qualified Small Business Stock" Personal Income Tax Benefits

On December 21, 2012, the Franchise Tax Board ("FTB") released Notice 2012-03 (the "FTB Notice"), which notice outlines the procedures the FTB will apply in response to the Court of Appeal's recent decision in Cutler v....more

FTB issues Notice to Retroactively Deny "Qualified Small Business Stock" Tax Benefits. Amended Returns Should be Filed.

A California appellate court recently held as unconstitutional the California statutes extending the benefits of selling “qualified small business stock” (QSBS) to California taxpayers. In Cutler v. Franchise Tax Board (2012)...more

Law That Allows Taxpayer To Defer Capital Gains On Sale Of Small Business Stock With The Subsequent Purchase Of Stock In...

A court of appeal recently found unconstitutional a Revenue and Taxation Code provision that allows a taxpayer to defer capital gains when he or she sells stock in a qualified small business if the taxpayer uses the gain to...more

8 Results
|
View per page
Page: of 1