State and Local Tax Alert - May 2014
On March 24, 2014, the Maryland Court of Appeals in Gore Enterprise Holdings, Inc. v. Comptroller of the Treasury, (No. 36, Md. App., Mar. 24, 2014), held that an out-of-state patent holding company and an out-of-state investment management company had income tax nexus with the state. In addition, the court upheld the Comptroller’s discretionary use of an alternative apportionment formula.