KPMG reports: California, Indiana, Tennessee, Vermont

KPMG reports: California, Indiana, Tennessee, Vermont

KPMG’s This Week in State Tax—produced weekly by KPMG’s State and Local Tax practice—focuses on recent state and local tax developments.

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  • California: The Franchise Tax Board found that California conforms to the federal partial disposition regulations, including the federal rules that allow taxpayers to receive tax recognition when there is a disposition of a portion of an asset. The IRS allowed taxpayers to make late partial disposition elections for tax years 2012 through 2014. Because California follows the partial disposition regulations, the late partial disposition elections are also valid for California.
  • Indiana: The Department of Revenue found that annual membership fees paid by customers of an online retailer were not subject to Indiana sales and use tax.
  • Tennessee: A state appeals court held that a retailer was not subject to personal property taxes on door component parts held in inventory. The court concluded that the taxpayer was not a manufacturer and that the door parts were not raw materials subject to property taxes.
  • Vermont: The state’s highest court held that a taxpayer insurance company was not engaged in a unitary business with its wholly owned subsidiary, a ski resort. The activities of the ski resort was not unitary with the taxpayer’s insurance business.

 

Read more at KPMG’s This Week in State Tax

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