Charles Schwab Corp. v. Comm'r
United States Tax Court
In an earlier opinion, Charles Schwab Corp. v. Commissioner , 122 T.C. 191 (2004) (Schwab II), we held that sec. 461(d), I.R.C., applied to a 1972 change in California (Cal.) franchise tax law. R contended that if sec. 461(d), I.R.C., applied, P would not be entitled to the $ 932,979 Cal. franchise tax deduction it had claimed for its 1989 Federal tax year. P contended that sec. 461(d), I.R.C., did not apply and that it was entitled to a $ 1,806,588 deduction.
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In an earlier opinion, Charles Schwab Corp. v. Commissioner , 122 T.C. 191 (2004) (Schwab II), we held that sec. 461(d), I.R.C., applied to a 1972 change in California (Cal.) franchise tax law. R contended that if sec. 461(d), I.R.C., applied, P would not be entitled to the $ 932,979 Cal. franchise tax deduction it had claimed for its 1989 Federal tax year. P contended that sec. 461(d), I.R.C., did not apply and that it was entitled to a $ 1,806,588 deduction. P, on its Federal returns for the years under consideration, claimed franchise tax deductions under Cal. law without considering the…
1Opinion of the Court
SUPPLEMENTAL OPINION
Gerber, Chief Judge:
In an earlier Opinion in these cases,1 two primary issues were decided. Respondent moved for reconsideration concerning our holding on the California franchise tax issue.2 Respondent seeks reconsideration concerning petitioner’s entitlement to a $932,979 deduction for California franchise tax for its 1989 Federal tax year. Respondent has not changed his position concerning our primary holding. Respondent continues to agree with our primary holding that section 461(d)3 applies to a 1972 legislative amendment by the State of California (1972 law). Under…
2Cases cited3 opinions
- Charles Schwab Corp. v. CommissionerUnited States Tax Court · 1996
- Central Inv. Corp. v. CommissionerUnited States Tax Court · 1947
- Charles Schwab Corp. v. Comm'rUnited States Tax Court · 2004
3Cited by4 opinions
- Deseret Management Corporation v. United StatesUnited States Court of Federal Claims · 2013
- Charles Schwab Corp. v. CommissionerCourt of Appeals for the Ninth Circuit · 2007
- Charles Schwab Corp. v. Comm'rUnited States Tax Court · 2004
- The Charles Schwab Corporation and Subsidiaries v. CommissionerUnited States Tax Court · 2004