There is now a well-established body of law and regulations among the states regarding corporate intercompany transactions. These provisions were born largely out of Retailer state income tax planning strategies such as intangible holding companies, factoring companies, and intercompany debt. These provisions have largely been looked at for publicly-traded and privately-owned corporations who have adopted ASC 740 (formerly FIN 48) and may deter Retailers from pursuing state income tax planning.
Grant Thornton is a thought leader in the arena of corporate transactions and has been published in the various articles listed below:
In Whirlpool Properties, Inc. v. Director, Division of Taxation, the New Jersey Supreme Court affirmed, with modification, a 2010 decision of the New Jersey Superior Court, Appellate Division regarding the facial constitutionality of New Jersey’s “throwout rule” under the Due Process Clause and the Commerce Clause.
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