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McDermott Will & Emery

California Legislatively Overturns Recent Office of Tax Appeals Taxpayer Win

McDermott Will & Emery on

The California State Legislature overturned Microsoft’s recent win at the Office of Tax Appeals, which held that the gross amount of dividends received from foreign affiliates outside its water’s-edge group should be included...more

Pillsbury - SeeSalt Blog

Reminder: “Gross” Does Not Mean “Net” – California OTA Holds All Repatriated Dividends Must Be Included in Sales Factor

Pillsbury - SeeSalt Blog on

In a decision marked “not precedential,” the OTA held 100 percent of repatriated dividends must be included in the taxpayer’s sales factor denominator....more

McDermott Will & Emery

Microsoft Scores Massive Win in California, Opens the Door for Others Nationwide

McDermott Will & Emery on

The Office of Tax Appeals (OTA) handed Microsoft an enormous win in its controversy with the California Franchise Tax Board (FTB) over the inclusion of qualifying dividends in the sales factor denominator for which it also...more

Allen Matkins

Why California Law Applies To Dividends Made By A Delaware Corporation (And Not To Some California Corporations)

Allen Matkins on

Corporations incorporated under California's General Corporation Law are subject to the limitations on distributions set forth in Chapter 5 of that law.   A foreign corporation may also be subject to Chapter 5 by virtue of...more

Allen Matkins

What Makes "Common Shares" Common?

Allen Matkins on

California's General Corporation Law refers to "common shares" rather than "common stock".  What makes shares shares "common shares"?  Section 159 defines "common shares" as "shares which have no preference over any other...more

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