Sharon Kaur

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Articles

Florida Court of Appeal holds state’s NOL deduction limit tracks federal threshold

Apr 4, 2024 | lexblog.com | Jeremy Gove |Sharon Kaur

The Florida First District Court of Appeal held that Florida’s annual corporate income tax net operating loss (NOL) deduction limit is the same as the federal limit. Verizon Communications Inc. (Verizon) accumulated federal and state NOLs upon its 2006 acquisition of MCI, Inc. ($15 billion federal and $267 million Florida NOLs) and 2011 acquisition of Terremark Worldwide, Inc. ($308 million federal and $238 million Florida NOLs).
Florida Court of Appeal holds state’s NOL deduction limit tracks federal threshold

Apr 4, 2024 | lexology.com | Jeremy Gove |Sharon Kaur

The Florida First District Court of Appeal held that Florida’s annual corporate income tax net operating loss (NOL) deduction limit is the same as the federal limit. Verizon Communications Inc. (Verizon) accumulated federal and state NOLs upon its 2006 acquisition of MCI, Inc. ($15 billion federal and $267 million Florida NOLs) and 2011 acquisition of Terremark Worldwide, Inc. ($308 million federal and $238 million Florida NOLs).
Is California FTB’s informal guidance at a crossroads?

Mar 13, 2024 | lexblog.com | Timothy A. Gustafson |Sharon Kaur

The California Franchise Tax Board (FTB) administers the state’s corporate franchise and income taxes. The California Legislature authorized the FTB to promulgate regulations in order to implement and interpret the governing statutes. Beyond issuing formal guidance, however, the FTB historically, and routinely, has issued informal guidance on a broad array of topics and issues for the purported benefit of taxpayers, tax practitioners, and FTB staff alike.
SALT Scoreboard - Third Quarter 2023

Nov 2, 2023 | lexology.com | Todd Betor |Michele Borens |Elizabeth S. Cha |Jonathan Feldman |Jeffrey Friedman |Ted Friedman | +22 more

This is the third edition of the Eversheds Sutherland SALT Scoreboard for 2023. Since 2016, we have tallied the results of what we deem to be significant taxpayer wins and losses and analyzed those results. Our entire SALT team hopes that you have found the SALT Scoreboard’s content useful. This edition includes discussions of forced combined reporting and a state False Claims Act, as well as a spotlight on Ohio cases.