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  5. 41 Cal.Rptr.3d 285 (2006)
 

TOYS "R" US, INC. v. FRANCHISE TAX BD.

No. C045386.

41 Cal.Rptr.3d 285 (2006)

TOYS "R" US, INC., et al., Plaintiffs and Appellants, v. FRANCHISE TAX BOARD, Defendant and Respondent.

Court of Appeals of California, Third District.

April 5, 2006.

Attorney(s) appearing for the Case

Morrison & Foerster, Eric J. Coffill, and Carley A. Roberts, Sacramento, for Plaintiffs and Appellants.

Bill Lockyer, Attorney General, Lawrence K. Keethe, Supervising Deputy Attorney General, and Michael J. Cornez, Deputy Attorney General, for Defendant and Respondent.

RAYE, J.

Toys "R" Us, Inc. (Toys) sells not only toys for tots but also maintains investments in short-term financial instruments, including debt securities and repurchase agreements. As a nationwide purveyor of toys, Toys pays state income tax proportionate to its profits in each state. In California, a retailer's tax obligation is based on an apportionment formula: the average of three fractions to arrive at a percentage...

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