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Sharon Inc. is headquartered in State X and owns 100 percent of Carol, Josey, and Janice Corps, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public
Sharon Inc. is headquartered in State X and owns 100 percent of Carol, Josey, and Janice Corps, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86272. Each of the corporations has operations in the following states:
Domicile State Sharon Inc.State X(throwback)Carol CorpState Y(throwback)Josey CorpState Z(nonthrowback)Janice CorpState Z(nonthrowback)
Dividend income$1,030 $560 $420 $400
Business income$40,000 $45,250 $16,400 $16,200
Sales: State X$83,200 $19,500 $11,900 $12,200
State Y$50,750 $9,350
State Z$30,000 $39,000 $11,900
State A$34,000
State B$15,500 $11,500
Property: State X$70,500 $27,400 $10,200
State Y$102,250
State Z$42,000 $30,500
State A$69,500
Payroll: State X$17,600 $14,500
State Y$63,250
State Z$5,100 $13,400
State A$16,000
Compute the following for State X assuming a tax rate of 15 percent. (Be sure to use an equally weighted threefactor apportionment formula. Round your apportionment factors to 4 decimal places. Also round your apportioned business income and tax liability to the nearest dollar amount.)
a.
Calculate the State X apportionment factor for Sharon Inc., Carol Corp., Josey Corp., and Janice Corp.
b.
Calculate the business income apportioned to State X.
c.
Calculate the taxable income for State X for each company.
d.
Determine the tax liability for State X for the entire group.
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