In this case (Paccar Financial Corp. v. Potter, Texas Court of Appeals, Fifth District, No. 05-05-00403-CV, October 31, 2007), the individuals who had been corporate officers when a corporation's Texas franchise tax report was due had actually resigned before the corporate debt was incurred after the report was not filed. As a result they were not personally liable for the corporation's debts.
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Friday, November 9, 2007
Legal Experts Say High Court Will Not Dare Upset the Municipal Bond Market
In an earlier post, we discussed the pending US Supreme Court case on the issue of whether KY can tax out-of-state municipal bond income while exempting in-state bond income. It seems unconstitutional on its face. But according to this article in the Wall Street Journal, legal experts are pretty much agreeing the Court will let the states continue to tax them that way.
Tuesday, November 6, 2007
Everything's Bigger in Texas -- But This New Franchise Tax Is No Joke
Many of you know that Texas has recently enacted sweeping changes to its corporate income tax. Oh I know, Texas has no income tax – that would be unconstitutional. I’ve been asking myself -- How did we get to this?
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