The firm’s first column, by Brian J. Kirkell and Craig Ridenour, highlights the compact apportionment election and the breaking decision in Gillette Co. et al. v. Franchise Tax Board. Kirkel and Ridenour write that the decision “has taken the state tax world by storm, leaving taxpayers, practitioners, the Multistate Tax Commission, and the state tax authorities of Multistate Tax Compact member states scrambling in its wake.”
Kirkell and Ridenour conclude that despite the California Court of Appeal decision, “the general construction and express language of the compact provide member states with two highly flexible and powerful tools to limit or eliminate the effect of the election, or even to turn the election to a taxpayer’s detriment.”
Brian J. Kirkell is a director in the Washington National Tax office of McGladrey LLP, and Craig Ridenour is a partner in McGladrey’s State and Local Tax practice. Ridenour is also the partner in charge of McGladrey’s income and franchise tax service line.
A full copy of the first SALT Matters column is available here.
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