California Court of Appeal
The Limited Stores, Inc. v. Franchise Tax Bd., A102915
On remand from California Supreme Court, previous decision in favor of defendant finding that the full price of securities held to maturity and redeemed were not properly treated as gross receipts by the taxpayer is vacated, and summary judgment for defendant is affirmed as under Microsoft Corp. v. Franchise Tax Bd., 39 Cal.4th 750 (2006), defendant's proposed alternative is reasonable since Revenue and Taxation Code section 25137 permits defendant to use a different method to apportion the revenues of a unitary business when the Uniform Division of Income for Tax Purposes Act apportionment provisions do not fairly represent the extent of the taxpayer's business activity in this state.
Appellate Information
- Decided 06/08/2007
- Published 07/06/2007
Judges
- SIMONS, J.
Court
- California Court of Appeal
Counsel
- For Appellant:
- Carley A. Roberts, Morrison & Foerster LLP, Sacramento, CA, Paul H. Frankel, Hollis L. Hyans, Morrison & Foerster LLP, New York, NY, for Plaintiffs and Appellants.
- For Appellees:
- Joyce E-Hoong Hee, Office of the Attorney General, Oakland, CA, for Defendant and Respondent.