General Motors Corp. v. Franchise Tax Bd., 139 P. 3d 1183 (Cal. 2006)

Like many large companies, plaintiff General Motors Corporation has an active treasury department. Its treasury department supplements the company’s other income-generating activities by investing the company’s idle cash in short-term marketable securities. These investments present special analytical problems under the Uniform Division of Income for Tax Purposes Act (UDITPA),[1] which California has adopted (Rev. & […]