1. calculate the business income apportioned to state X

2. calculate the taxable income for state X for each company

3. determine the tax liability for state X for the entire group?

Tax liability

Sharon Inc. is headquartered in State and owns 100 percent of Carol Corp., Josey Corp, and Janice Corp, which forma 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: Sharon The Carol Corp. Joney Corp. Janice Corp Statex State State ? Status Denielle State Ithrowback) throwback) thotherack) (no throwbacki Dividend on $ 1.000 $ 200 $300 1500 business Income 50,000 30,000 10,000 10.000 SI statex 70,000 10,000 10,000 10,000 State Y 40,000 5,000 20,000 20,000 10.000 20,000 State 10,000 10.000 Property Statex 50,000 20.000 10.0DD Statay 80.000 State 25,000 20,000 . State 50.000 Payroll Statek 10,000 10,000 State 40,000 States 3,000 10,000 State A 10,000 State! State 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