Fear Not Law Articles: TOYS R Us, INC. v. TAX BOARD

TOYS "R" US, INC v. TAX BOARD,

Filed 4/5/06

CERTIFIED FOR PUBLICATION

COPY

IN THE COURT OF APPEAL OF THE STATE OF CALIFORNIA

THIRD APPELLATE DISTRICT

(Sacramento)

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TOYS "R" US, INC., et al.,

Plaintiffs and Appellants,

FRANCHISE TAX BOARD,

Defendant and Respondent.

C045386

(Super. Ct. No. 01AS04316)

APPEAL from a judgment of the Superior Court of Sacramento County, Brian R. Van Camp, J. Affirmed.

Morrison & Foerster, Eric J. Coffill, and Carley A. Roberts for Plaintiffs and Appellants.

Bill Lockyer, Attorney General, Lawrence K. Keethe, Supervising Deputy Attorney General, and Michael J. Cornez, Deputy Attorney General, for Defendant and Respondent.

Toys â€

Description	A decision regarding investments in short-term financial instruments, including debt securities and repurchase agreements.As a nationwide purveyor pays state income tax proportionate to its profits in each state.Toys challenges the calculation of the sales fraction of the equation, arguing the worldwide sales figure should include not only the interest earned by its short-term financial investments but also the principal amount of these investments.
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