§23151

23151(a) (West 1992). Under the successor to that statute, the franchise tax was payable for the “taxable year” as measured by the net income earned by a corporate taxpayer during the preceding year, which is referred to as the “income year”. Cal. Rev. & Tax. Code secs. 23041(a), 23042(a) (West 1992). The only statutorily - 21 - expressed exc

23151(a) (West 2004). For years prior to the 1972 law, the tax was payable for the “taxable year” as measured by the net income earned by the corporate taxpayer during the preceding year, which is referred to as the “income year”. Cal. Rev. & Tax. Code secs. 23041(a), - 15 - 23042(a) (West 2004). In that regard, petitioner did business in Cal

23151(a) (West 1992). Under the successor to that statute, the franchise tax was payable for the “taxable year” as measured by the net income earned by a corporate taxpayer during the preceding year, which is referred to as the “income year”. Cal. Rev. & Tax. Code secs. 23041(a), 23042(a) (West 1992). The only statutorily - 21 - expressed exc

23151 (West 1992 & Supp. 1999). The franchise tax is imposed on corporations for the privilege of doing business in California each year (privilege year). The franchise tax for the privilege year is computed on the basis of the corporation's net income earned in the previous year (income year). From 1990 to 1995, for Federal income tax purpose