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GENERAL MILLS v. FRANCHISE TAX BD.

No. A120492.

172 Cal.App.4th 1535 (2009)

___ Cal.Rptr.3d ___

GENERAL MILLS et al., Plaintiffs and Appellants, v. FRANCHISE TAX BOARD, Defendant and Respondent.

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

April 15, 2009.

Attorney(s) appearing for the Case

Morrison & Foerster, Andres Vallejo, Scott M. Reiber and Paul H. Frankel for Plaintiff and Appellant.

Edmund G. Brown, Jr., Attorney General, Randall P. Borcherding and Joyce E. Hee, Deputy Attorneys General, for Defendant and Respondent.

OPINION

STEVENS, J.*—

This appeal presents the issue of whether commodity futures sales that are made to hedge against price fluctuations should be included in the sales factor of the Uniform Division of Income for Tax Purposes Act (Rev. & Tax. Code, § 25120 et seq.; UDITPA) apportionment formula. We conclude that, in the tax years at issue, the full sales price of these futures contracts (number...

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