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31 sty 2024 · The case revolves around the Metropolitan Waterworks and Sewerage System’s (MWSS) exemption from real property tax as contested by various entities of Pasay City, including the Central Board of Assessment Appeals (CBAA), the Pasay City Local Board of Assessment Appeals (LBAA), Pasay City itself, and its Treasurer and City Assessor.
Legal Ruling 1993-4. STATE OF CALIFORNIA. Franchise Tax Board - Legal Division. November 15, 1993. Taxation of a Qualified Settlement Fund. Issue. To what extent is a qualified settlement fund (including a designated settlement fund), as defined in Treas. Reg. § 1.468B, subject to tax under Revenue and Taxation Code (RTC) § 24693? Facts.
17 sie 2006 · its audit, the Board accepted the treatment of treasury department income as business income and allowed the inclusion of securities sales as gross receipts, but disallowed the return of capital for securities redemptions.
Nonetheless, the LBAA resolved the substantive issue on whether MWSS is liable to pay real property taxes. It ruled that the MWSS is a government-owned or controlled corporation (GOCC), not a government instrumentality. Hence, the doctrine of tax exemption enunciated in MIAA is not applicable.
sales factor would cause a larger share of a California taxpayer’s total multistate business income to be apportioned to its treasury function state. Such a formula, although incorrect, would not result in duplicate or less than full apportionment as long as both California and the treasury function state were to adopt it.
Parties will be prohibited from filing more than one motion for summary judgment against an adverse party without leave of court; and Parties will be prohibited from introducing new facts in a reply to an opposition to a motion for summary judgment.
A California state appellate court recently overturned the trial court's decision in Paula Trust v. California Franchise Tax Board and upheld the historic position of the California Franchise Tax Board (FTB) that a trust must pay California income tax on all California source income earned by the trust, regardless of whether the trust ...
