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  5. 16 Cal.Rptr.3d 41 (2004)
 

GENERAL MOTORS CORP. v. FRANCHISE TAX BD.

No. B165665.

16 Cal.Rptr.3d 41 (2004)

GENERAL MOTORS CORPORATION et al., Plaintiffs and Appellants, v. FRANCHISE TAX BOARD, Defendant and Appellant.

Court of Appeal of California, Second District, Division Two.

As Modified July 6, 2004.

As Modified on Denial of Rehearing July 26, 2004.

Review Granted October 13, 2004.

Attorney(s) appearing for the Case

Ajalat, Polley & Ayoob, Charles R. Ajalat, Glendale, Christopher J. Matarese for Plaintiffs and Appellants.

Bill Lockyer, Attorney General, W. Dean Freeman, Lead Supervising Deputy Attorney General, Stephen Lew, Deputy Attorney General, for Defendant and Appellant.

BOREN, P.J.

In this action for a refund of taxes, General Motors Corporation and its affiliated corporations appeal from the superior court's judgment. The California Franchise Tax Board also appeals. We affirm the trial court's judgment. We conclude that, in calculating the amount of income apportionable to California, the Franchise Tax Board properly excluded gross receipts from certain sales of securities. We also conclude that only Delco, a member of General Motors...

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