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GREAT WESTERN FINANCIAL CORP. v. FRANCHISE TAX BD.

Docket No. L.A. 29732.

4 Cal.3d 1 (1971)

479 P.2d 993

92 Cal. Rptr. 489

GREAT WESTERN FINANCIAL CORPORATION, Plaintiff and Respondent, v. FRANCHISE TAX BOARD, Defendant and Appellant.

Supreme Court of California. In Bank.

February 4, 1971.

Attorney(s) appearing for the Case

COUNSEL

Thomas C. Lynch, Evelle J. Younger, Attorneys General, Ernest P. Goodman, Assistant Attorney General, and Neal J. Gobar, Deputy Attorney General, for Defendant and Appellant.

O'Melveny & Myers, Clyde E. Tritt, Bennett W. Priest, Richard B. Ragland and George L. Damoose for Plaintiff and Respondent.

OPINION

MOSK, J.

The plaintiff corporation received dividends from other corporations each of which had previously paid a tax on the income from which the dividends were declared. In the process of determining its taxable income the plaintiff deducted the dividends so received. (1a) In calculating its tax due the State of California, plaintiff also attempted to deduct expenses...

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