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California’s Franchise Tax Board (FTB) Notice 2008-4 – Resolution of Certain ESOP Transactions discussed the opportunity for taxpayers who filed a tax return that included "certain ESOP transactions" to resolve their accounts to avoid the noneconomic substance transaction (NEST) penalty. In order to resolve the "certain ESOP transactions" that may be subject to the NEST penalty, taxpayers must submit a signed and completed closing agreement by today (September 12), and pay all tax, penalties, and interest.

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