Taxable Income for State Assignment | Homework For You
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Sharon Inc. Is headquartered in State X and owns 100 percent of Carol Corp., Josey Corp., and Janice Corp., 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:
Janice Corp. Sharon Inc. Carol Corp. Josey Corp. State Z State X State Y State Z Domicile State (throwback) (throwback) (nonthrowback) (nonthrowback) $ 1,200 $60, 200 $90,500 Dividend income Business income 285 490 535 $ 53,000 $ 17,700 $ 55,750 $ 21,000 $17,100 $13,900 $ 6,450 $20,500 $10,600 $15,800 Sales: State X State Y $16,900 State Z $20,300 $10,300 $63,250 State A $16,200 $19,000 State B $ 25,800 $103, 250 Property: State X State Y $40,250 $40,750 State Z $56,750 $11,200 State A $ 13, 200 $ 44,750 Payroll: State X State Y $ 7,800 $17,100 $13,500 State z State A
Compute the following for State X assuming a tax rate of 15 percent. (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.)
c. Calculate the taxable income for State X for each company.
State X taxable income Sharon Carol Josey Janice. Get Finance homework help today