• Single Sales Factor Election May Create Exposure to Large Corporate Understatement Penalty in California
  • March 29, 2012
  • Law Firm: Sutherland Asbill Brennan LLP - Washington Office
  • 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).