nonresident shareholder’s gain

The Vast Reach of California Tax: A Dispute Over the Taxation of Nonresident Trusts’ Gain from Sale of Out-of-State S Corporation’s Subsidiary

On May 27, 2022, the Fourth District Court of Appeal issued a published decision in The 2009 Metropoulos Family Trust et al., v. California Franchise Tax Board, 2022 WL 1702336 (Cal.App. 4 Dist., 2022) (“Metropoulos”),