1. Consolidated Lint Inc. is organized in Delaware with headquarters in New York. The Company had federal taxable income of $600,000 in 2020 after deducting $100,000 of New York taxes. In 2019 Consolidated Lint Inc. sold $100,000 of lint to New York customers and shipped $3,000,000 to all customers around the world. New York has single sales factor apportionment. New York has rolling conformity with the Internal Revenue Code.

a. What is New York entire net income (New Yorks term for taxable income)?

b. What is the apportionment factor percentage?

c. What is New York apportioned entire net income?

d. Assuming a tax rate of 10% what is the New York tax?

e. If instead of rolling conformity, New York defined federal taxable income as that amount that would have been computed using the internal revenue code that was in place on August 18, 2015, explain how this might have affected the computation?