The Supreme Court, in their Quill Corp decision, wrote that the state government could not impose a use tax on an entity that did not have a physical presence in the state.
Lippman wrote that the world has changed dramatically over the past two decades, where an entity can have a profound impact elsewhere through the Internet, and the physical presence test may now be outdated.
MUFG, which has an existing entity in Thailand, is trying to figure out how to shut that entity and roll outstanding loans into Ayudhya because under Thai law, banks can have only one presence in the country.