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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
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? (nearest percent)
A. $256,000
B. $266,667
C. $360,000
D. $168,000
E. $240,000
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