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  5. 197 Cal.App.3d 300 (1987)
 

BROWN v. FRANCHISE TAX BD.

Docket No. A035598.

197 Cal.App.3d 300 (1987)

242 Cal. Rptr. 810

SANDRA L. BROWN et al., Plaintiffs and Respondents, v. FRANCHISE TAX BOARD, Defendant and Appellant.

Court of Appeals of California, First District, Division Four.

December 29, 1987.

Attorney(s) appearing for the Case

COUNSEL

John K. Van de Kamp, Attorney General, Timothy C. Laddish and Calvin J. Abe, Deputy Attorneys General, for Defendant and Appellant.

Elizabeth S. Salveson, Peter J. Busch and Howard, Rice, Nemerovski, Canady, Robertson & Falk for Plaintiffs and Respondents.

[Opinion certified for partial publication.†]

OPINION

CHANNELL, J.

Three investment companies and a class of their investors brought this action to invalidate the imposition of income tax by the Franchise Tax Board on distributions of income originating in federal securities. The trial court decreed that this income was immune from state taxation, and that the Board must refund the sums...

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