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In a case involving whether a nondomiciliary state can apportion a gain earned by a passive holding company on the sale of an interest in a limited liability company (“LLC”), the Idaho Supreme Court found the gain was not apportionable, and the U.S. Supreme Court denied review.
Noell Indus. Inc. v. Idaho State Tax Comm’n, 470 P. 3d 1176 (Idaho filed May 22, 2020),
cert. denied, 209 L. Ed. 2d 130 (2021). This case is significant in that it adds clarity to the question never addressed by the U.S. Supreme Court of whether a passive holding company is unitary with the investment it holds. The careful analysis in