Required information [The following information applies to the questions displayed below.] Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Dividend income Business income Sales: State X Sales: State Y Sales: State Z Sales: State A Sales: State B Property: State X Property: State Y Property: State Z Property: State A Payroll: State x Payroll: State Y Payroll: State z Payroll: State A Sharon Carol Josey Incorporated Corporation Corporation State X State Y State z (throwback) (nonthrowback) (throwback) $ 1,830 46,500 $ 595 $ 525 14, 200 78,500 29,300 16,900 69,500 65,750 14,500 43,250 18,500 52,500 20, 200 21,600 86,500 17,900 55,250 14,300 6,850 39,750 40,500 6,200 Janice Corporation State Z (nonthrowback) $ 530 19,500 16,100 14,500 18,400 12,200 20,750 15,400 19,400 Compute the following for State X assuming a tax rate of 15 percent. Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation
Required information [The following information applies to the questions displayed below.] Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Dividend income Business income Sales: State X Sales: State Y Sales: State Z Sales: State A Sales: State B Property: State X Property: State Y Property: State Z Property: State A Payroll: State x Payroll: State Y Payroll: State z Payroll: State A Sharon Carol Josey Incorporated Corporation Corporation State X State Y State z (throwback) (nonthrowback) (throwback) $ 1,830 46,500 $ 595 $ 525 14, 200 78,500 29,300 16,900 69,500 65,750 14,500 43,250 18,500 52,500 20, 200 21,600 86,500 17,900 55,250 14,300 6,850 39,750 40,500 6,200 Janice Corporation State Z (nonthrowback) $ 530 19,500 16,100 14,500 18,400 12,200 20,750 15,400 19,400 Compute the following for State X assuming a tax rate of 15 percent. Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. a. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 3CE
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Required information
[The following information applies to the questions displayed below.]
Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and
Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public
Law 86-272. Each of the corporations has operations in the following states:
Domicile State
Dividend income.
Business income
Sales: State XI
Sales: State Y
Sales: State Z
Sales: State A
Sales: State B
Property: State X
Property: State Y
Property: State Z
Property: State A
Payroll: State X
Payroll: State Y
Payroll: State Z
Payroll: State A
Sharon
Carol
Josey
Janice
Sharon
Carol
Josey
Incorporated Corporation Corporation
State Z
(nonthrowback)
$ 525
State X
(throwback)
$ 1,830
46,500
State Y
(throwback)
$ 595
14, 200
78,500
29,300
16,900
69,500
State X
Apportionment
factors
65,750
14,500
43,250
18,500
52,500
20, 200
21,600
86,500
17,900
55,250
14,300
6,850
39,750
40,500
6, 200
Janice
Corporation
State Z
(nonthrowback)
$530
19,500
16,100
14,500
18,400
12,200
20,750
Compute the following for State X assuming a tax rate of 15 percent.
Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places.
Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.
15,400
19,400
a. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa53a9a99-75b6-411c-b6db-7002448aaf26%2Fcd427879-ea33-48ec-897c-d1f298f7367a%2Fyoirkkg_processed.png&w=3840&q=75)
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Required information
[The following information applies to the questions displayed below.]
Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and
Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public
Law 86-272. Each of the corporations has operations in the following states:
Domicile State
Dividend income.
Business income
Sales: State XI
Sales: State Y
Sales: State Z
Sales: State A
Sales: State B
Property: State X
Property: State Y
Property: State Z
Property: State A
Payroll: State X
Payroll: State Y
Payroll: State Z
Payroll: State A
Sharon
Carol
Josey
Janice
Sharon
Carol
Josey
Incorporated Corporation Corporation
State Z
(nonthrowback)
$ 525
State X
(throwback)
$ 1,830
46,500
State Y
(throwback)
$ 595
14, 200
78,500
29,300
16,900
69,500
State X
Apportionment
factors
65,750
14,500
43,250
18,500
52,500
20, 200
21,600
86,500
17,900
55,250
14,300
6,850
39,750
40,500
6, 200
Janice
Corporation
State Z
(nonthrowback)
$530
19,500
16,100
14,500
18,400
12,200
20,750
Compute the following for State X assuming a tax rate of 15 percent.
Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places.
Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.
15,400
19,400
a. Calculate the State X apportionment factor for Sharon Incorporated, Carol Corporation, Josey Corporation, and Janice Corporation
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