Federal consolidated return principles create confusion in California combined reports. (Appeal of Rapid-American Corp.): An article from: The Tax Adviser

This digital document is an article from The Tax Adviser, published by American Institute of CPA's on June 1, 1997. The length of the article is 914 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Two recent California franchise tax rulings demonstrate the inconsistency that results from the Franchise Tax Board's reluctance to completely adopt federal consolidated return principles. In Appeal of Rapid-American Corp., the State Board of Equalization rejected the federal consolidated return approach to determining the stock basis of a company in a combined group. The Franchise Tax Board stated subsequently in Notice 97-2 that federal consolidated return principles would be extended to nondividend distributions of excess stock basis.

Citation Details
Title: Federal consolidated return principles create confusion in California combined reports. (Appeal of Rapid-American Corp.)
Author: Scott A. Salmon
Publication:The Tax Adviser (Magazine/Journal)
Date: June 1, 1997
Publisher: American Institute of CPA's
Volume: 28 Issue: n6 Page: 368(2)

Distributed by Thomson Gale