Lido Inc. does business in two states, X and Y. State X uses an equal-weighted three factor
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Lido Inc. does business in two states, X and Y. State X uses an equal-weighted three factor apportionment formula and has a 4 percent state tax rate. State Y bases its apportionment only on the sales factor and has a 5 percent state tax rate. Lido's state-level taxable income before apportionment is $1,750,000. Based on the following apportionment information, calculate Lido's apportionment factors, income apportioned to each state, and state tax liability.
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State X State Y Total Sales Payroll Average property $1,300,000 800,000 $4,600,000 1,200,000 2,200,000 $5,900,000 2,000,000 2,900,000 700,000
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Apportionment factors X Y Sales 4659 7797 1359 2203 Payroll 122 60 Not applicable Avera...View the full answer
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Related Book For
Principles Of Taxation For Business And Investment Planning 2018
ISBN: 9781259713729
21st Edition
Authors: Sally Jones, Shelley C. Rhoades Catanach, Sandra R Callaghan
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