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OTA confirms severance payments are sourced to a nonresident's domicile
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OTA confirms severance payments are sourced to a nonresident's domicile
The California Office of Tax Appeals (OTA) held that severance payments and employer-paid medical premiums received following an employee’s termination constituted income from intangible personal property and were therefore sourced to the taxpayer’s Nevada domicile. The taxpayer, a former California-based bank CEO, was terminated without cause in late 2015, relocated to Nevada around the same time, and received severance payments and medical ins…
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