Question
A corporation operates in seven states. Its Taxable Income amounts to $800,000, and other relevant information is: Amounts attributable ___to State 1___ TOTALS__ SALES $
A corporation operates in seven states. Its Taxable Income amounts to $800,000, and other relevant information is:
Amounts attributable
| ___to State 1___
| TOTALS__ | |
| SALES | $ 9,000,000 | $20,000,000 |
| PROPERTY VALUES | $ 1,500,000 | $ 5,000,000 |
| COMPENSATION | $ 1,890,000 | $ 9,000,000
|
State 1 uses the weighted average of 3 factors to allocate multi state income.
How much income will be taxed by State 1? (round to nearest percent)
|
|
a. $ 256,000
b. $ 266,667
c. $ 360,000
d. $ 168,000
e. $ 240,000
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The Official IRS Tax Guide To Auditing Horse Activities Prepare Your Horse Operation To Withstand An IRS Audit Using The Samw Manual IRS Agents Use
Authors: IRS
1st Edition
092934670X, 978-0929346700
