Posted by William L. Exeter on July 07, 2003 at 21:37:41:
The Tax you are referring to is actually the California Franchise Tax Board’s withholding requirement and not actually a tax. You will receive a full refund once you file your California income tax return if you in fact do not owe any tax on the sale of the property. It is not a tax, but actually an estimated withholding amount or prepayment if you will. There are some exceptions, but too much to go into here in my response. We have copies of the actually FTB brochures, documents and forms on our Web site at http://www.diversifiedexchange.com/ftb_withholding_booklets.asp.
Hope this helps.
Diversified Exchange Corporation