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Alert

Single Sales Factor Election May Create Exposure to Large Corporate Understatement Penalty

By Carley Roberts, Michele Pielsticker

Alert

By Carley Roberts, Michele Pielsticker

03.28.12

The California Franchise Tax Board (FTB) recently released Legal Division Guidance 2012-03-02, concluding that taxpayers may not simultaneously report tax under a single sales factor (SSF) election and the standard three-factor formula to avoid application of the Large Corporate Understatement Penalty (LCUP)

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Tags
Carley Roberts, State & Local Tax
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