State and Local Day, Subsidiary Disposition Seminar Highlight Santa Clara Valley Chapter Agenda.

The Santa Clara Valley Chapter hosted its annual State & Local Tax Day on January 18, 2000. The seminar began with a California-focused income tax update by Kathy Sommers (PwC), Doug Bramhall (KPMG), and Richard Harris (Attorney). Both Ms. Sommers and Mr. Bramhall are recently from the California Franchise Tax Board. The panel addressed FTB regulation and legislative projects, water's-edge updates, intercompany pricing audit issues, unitary credit utilization, business/non-business income audit issues, the Merrill Lynch case, sales factor "churning" issues, and manufacturer's investment credit audit issues. Fred Main (California Chamber of Commerce) then provided an update on the California Senate Revenue & Taxation Committee's "E-Commerce Taxation" hearing held December 8, 1999, and added comments on the current political climate in California regarding the taxation of e-commerce. Dennis Fox and Glen Bystrom (E&Y) kicked off the afternoon session with an update in sales and use tax, including discussions on SBE regulation and legislation projects, recent activity in drop shipments, maintenance contract issues, the new Settlement Bureau process, the Business Taxes Committee 2000 Calendar, a statistical sampling update, and effects of the Yamaha litigation. Noel Hall (AA) ended the day with an overview of best practices in the compliance of unclaimed property including...