Shaking things up in state and local tax
Shaking things up in state and local tax
As part of a sweeping law change, New York will require taxpayers to use a water’s-edge combined reporting method when filing corporate income tax returns beginning January 1, 2015.
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The Oregon Tax Court issued its second decision in less than a month regarding combined returns that include an insurance company, this time finding for the taxpayer. Last month, in Costco Wholesale Corp. v. Oregon Dept. of Rev., TC 4956, (Ore. Tax Ct. July 16, 2012), the court held that the income of Costco’s…
The California Board of Equalization (BOE) recently issued a decision holding that dividends received by an out-of-state corporate taxpayer were business income because the dividend payor played an integral and operational role in the taxpayer’s unitary business. The BOE also denied the taxpayer’s dividends received deduction (DRD) under Cal. Revenue & Tax Code (R&TC) § 24402. Appeal of Rio Doce Ltd., No. 402204 (Cal. Bd. of Eq. Nov. 17, 2010) (released Jan. 17, 2011).Continue Reading California Double Whammy: Dividends Are Apportionable Income, Not Deductible
