1. Which of the following true regarding Public Law 86-272:

a. It does not apply to sales/use or net worth taxes

b. It is a federal law

c. It only applies to sales of tangible personal property

d. All of the above

2. Which of the following issues does not apply to the sales/receipts factor:

a. Throwback rule

b. Dock sales

c. Exclusion of idle property

d. Market-based sourcing

1. Combined reporting is administratively more complex than separate company reporting

True False

3. Which function of a State Revenue Department is tasked with conducting an examination of the

tax returns filed by a corporation?

a. Collections

b. Audit

c. Tax policy and research

d. Taxpayer services

4. Which of the following is an example of a statutory state income tax credit?

a. Research tax credit

b. Investment tax credit

c. Job creation tax credit

d. All of the above

e. None of the above