Under California Governor Gavin Newsom's proposed 2023-2024 state budget, released on January 10, 2023, the income of an incomplete gift non-grantor trust (ING Trust) may now be subject to California income tax, effective on...more
Nonresidents of California generally are not taxed by California on gain resulting from the sale of partnership interests. Under new guidance issued by the California Franchise Tax Board ("FTB") nonresidents can now...more
A California state appellate court recently upheld the trial court's decision in The 2009 Metropoulos Family Trust v. Franchise Tax Board that nonresident shareholders of an S corporation source gain on the S corporation's...more
6/7/2022
/ Apportionment ,
Asset Purchase Agreements ,
Business Income ,
Family Trusts ,
Franchise Tax Board ,
Goodwill ,
Income Taxes ,
Internal Revenue Code (IRC) ,
S-Corporation ,
Sale of Assets ,
Shareholders ,
State Taxes ,
Subsidiaries ,
Tax Liability