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Direct Marketing and Gillette: Anything in Common?  


Author:  John P. Barrie.


Source: Volume 29, Number 04, March/April 2016 , pp.31-34(4)




Journal of Taxation and Regulation of Financial Institutions

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Abstract: 

Two recent state tax decisions—one from the California Supreme Court and the other from the Tenth Circuit—have potential implications for financial institutions. The author discusses the ins and outs of each case, both of which are likely to be appealed to the U.S. Supreme Court, and explains the stakes for financial institutions. The issues involved include state enactment of retroactive tax legislation, a state’s ability to repeal the Multistate Tax Compact, and whether economic nexus should be the norm.

Keywords: retroactive tax legislation; Multistate Tax Compact; three-factor formula; single-factor sales formula; nexus for reporting obligations; Gillette v. Franchise Tax Board; Direct Marketing Association v. Brohl; Quill physical-presence requirement

Affiliations:  1: Bryan Cave LLP.

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