Tax News

CCH (cch.taxgroup.com) reports:

  The California Franchise Tax Board has released the results from its interested parties meeting held on July 17, 2008, to discuss potential regulatory amendments intended to clarify the apportionment of trucking company and trucking activity income for California corporation franchise and income tax purposes. (TAXDAY, 2008/04/28, S.4)

  Topics discussed include:

  -- whether the definition of "trucking company" in Reg. 25137-11(b)(1) needs to be clarified;

  -- whether a definition of "trucking activities" should be added to Reg. 25137-11(b) and, if so, what form it should take;

  -- how Reg. 25137-11 would apply to a scenario based on a hypothetical trucking operation that was unitary with a mining operation;

  -- whether the receipts of freight forwarders should be governed by Reg. 25137-11;

  -- how to assign receipts when a trucking company purchases transportation from an independent contractor; and

  -- whether the "trucking company" definition should refer to owned motor vehicles.

  Subscribers to CCH Tax Research NetWork can view the summary of the meeting.
  Announcement , California Franchise Tax Board, August 14, 2008.