Texas Supreme Court holds gross receipts from licensing of intangibles not sourced to place of use

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In a recently released decision, the Texas Supreme Court held that, for purposes of the franchise tax, gross receipts from the licensing of seismic and geophysical data are receipts from the sale of an intangible asset and are sourced to the domicile of the payor rather than place of use. [TGS-NOPEC Geophysical Co. v. Comptroller, Tex., No. 08-1056, 5/27/11]


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