California Court of Appeal August 9, 2004, B168916 (City of Los Angeles v. Furman Selz Capital Management, L.L.C)

Opinion

GRIGNON, J.

In this case, we are concerned with the interplay between two unrelated provisions of the Revenue and Taxation Code. The first provision imposes a higher net income tax rate on financial corporations in lieu of other taxes, including municipal taxes. (Rev. & Tax. Code, § 23182.