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QUESTION

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 86-272. 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 three-factor 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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