State and Local Tax Alert - July 2014
Over the past several months, many income tax developments have occurred in California, including the adoption of new and amended regulations, the release of several Chief Counsel Rulings and the Los Angeles Superior Court's March 6, 2014, bench ruling in In ComCon Prod. Servs. I Inc. v. Cal. Franchise Tax Bd., No. BC489779 (Cal. Super. Ct.), bench ruling ("Comcast"). These developments address some of the more important state income tax matters such as business vs. nonbusiness income, unitary relationships, apportionment, and sourcing of sales and could affect taxpayers across many industries and in various stages of the business life cycle.