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 Carol Josey Sharon Incorporated Corporation Corporation State X State Y State Z (throwback) (throwback) (nonthrowback) $ 1,490 $ 525 $ 580 60,500 75,200 21,900 15,900 60,000 65,000 12,300 46,250 15,500 59,750 20,300 28,400 93,500 15,500 55,750 13,400 12,500 7,850 28,000 43,500 3,150 Janice Corporation State Z (nonthrowback) $ 485 15,700 18,600 12,500 11,700 14,200 25,500 11,100 10,200 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.
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 Carol Josey Sharon Incorporated Corporation Corporation State X State Y State Z (throwback) (throwback) (nonthrowback) $ 1,490 $ 525 $ 580 60,500 75,200 21,900 15,900 60,000 65,000 12,300 46,250 15,500 59,750 20,300 28,400 93,500 15,500 55,750 13,400 12,500 7,850 28,000 43,500 3,150 Janice Corporation State Z (nonthrowback) $ 485 15,700 18,600 12,500 11,700 14,200 25,500 11,100 10,200 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.
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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