Shareholders, State Taxes, Income Taxes

State Taxation of a Nonresident’s Gain from the Sale of Stock –The Shot Heard Round the Country?

Rivkin Radler LLP on 4/29/2025

Last month, Bloomberg carried an article about a “small but growing trend” of states that are either cutting their individual income taxes or phasing them out entirely. According to the article, the states adopting these...more

Massachusetts Targets Founder’s Share Sale After Move…To New Hampshire

Goulston & Storrs PC on 4/9/2025

The Massachusetts Court of Appeals has ruled that, in some situations, a former resident of the Commonwealth can be liable for Massachusetts income tax on the sale of shares in a Massachusetts-headquartered company even after...more

New York Appellate Court Rules in Favor of S Corporation Shareholder Entitlement to New York QEZE Tax Credits

Blank Rome LLP on 1/19/2024

In a pair of decisions, a New York State appellate court has annulled decisions of the New York State Tax Appeals Tribunal that reduced certain tax credits available to the individual shareholders of their S corporation....more

State Taxation of Qualified Small Business Stock: Federal Tax Exclusion Not Always Replicated at State Level

WilmerHale on 6/16/2023

In the event of an M&A transaction, many stockholders plan to take advantage of the exclusion from federal taxable income of gain realized from the sale or exchange of “qualified small business stock” (QSB stock). Section...more

Seller Beware - Court Rules That California Can Tax Gain from the Sale of Goodwill

Venable LLP on 6/7/2022

A California state appellate court recently upheld the trial court's decision in The 2009 Metropoulos Family Trust v. Franchise Tax Board that nonresident shareholders of an S corporation source gain on the S corporation's...more

New York Budget Deal Includes SALT Cap Workaround

Rivkin Radler LLP on 4/7/2021

The New York state budget deal announced yesterday includes a workaround of the temporary federal limit on state and local tax deductions (the SALT cap). The provision was part of Gov. Cuomo’s initial budget proposal in...more

States’ Rights, State Taxation, And . . . New York “S” Elections?

Farrell Fritz, P.C. on 2/3/2020

How Did We Get Here? On September 9, 1776, Congress officially adopted “United States” of America as the name of our then-newly-born nation. The former British colonies had previously referred to themselves as the “United...more

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