A Pirate's Life for Me , Inc. has been doing business for years in New York State
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A Pirate's Life for Me Inc. has been doing business for years in New York State providing boat building services. This year is the first year it was able to expand its business to another state, North Carolina. During the year the company had $ of sales in New York State and $ of sales in North Carolina. A Pirate's Life for Me Inc. had payroll and property only in New York in the amount of $ and $ respectively. NC applies a single sale factor apportionment formula. Please explain the tax impact to the company of doing business in North Carolina and where the company will have to file corporate tax returns this year.
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