State of California Franchise Tax Ruling

California reminds us that occasional sale exclusions don’t exist only in the sales tax world!  Chief Counsel Ruling 2015-01 discusses how Cal. Code Regs. 25137(c)(1)(A) can work to exclude certain substantial and occasional receipts from the sales factor for corporate franchise tax purposes.  Having a good understanding of how a significant sale of assets can impact the state apportionment formula is critical, especially when numerous jurisdictions are concerned.  Learn more.


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