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LENNANE v. FRANCHISE TAX BD.

Docket No. S034345.

9 Cal.4th 263 (1994)

885 P.2d 976

36 Cal. Rptr.2d 563

JAMES P. LENNANE et al., Plaintiffs and Respondents, v. FRANCHISE TAX BOARD, Defendant and Appellant.

Supreme Court of California.

December 28, 1994.

Attorney(s) appearing for the Case

COUNSEL

Daniel E. Lungren, Attorney General, Timothy G. Laddish, Assistant Attorney General, and Richard F. Finn, Deputy Attorney General, for Defendant and Appellant.

Ware & Freidenrich, Gray, Cary, Ware & Freidenrich, John R. Shuman, Jr., Aimee E. Jorgensen and Rebecca P. Falco for Plaintiffs and Respondents.

Jerold A. Reiton, Berliner Cohen, Briskin & Glushon, Robert A. Briskin, Douglas K. Schreiber, Irell & Manella, Gregory R. Smith, Joel Rabinovitz and David Richter as Amici Curiae on behalf of Plaintiffs and Respondents.

OPINION

KENNARD, J.

We granted review in this case to construe tax statutes — Revenue and Taxation Code sections 17063.11 and 18162.5 — that have been repealed yet continue to govern the disposition of outstanding tax claims in excess of $300 million.1 At issue is the extent of California income tax liability for capital gain on the sale of "small business stock" that plaintiffs and other...

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