The California Supreme Court has left intact a US$920,000 state tax refund to Apple, but rejected the computer giant’s request to take up an issue that could have spared U.S. multinationals from many millions of dollars in California taxes on income from their foreign subsidiaries, reports “The San Francisco Chronicle.”
The court denied review of an appellate ruling in September that required the state Franchise Tax Board to return $231,000 in taxes that it charged Apple in 1989 and add $689,000 in interest. The San Francisco appeals panel said the board should have allowed the company to deduct interest in loans it had taken out to fund its domestic operations.
Read more at http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2012/01/05/BUNL1MLGU4.DTL#ixzz1igkYvvr4 .