a) Property rented by the taxpayer. b) Intangible property. c) Property that produces non-business income. d) None of the above. 32. In computing a corporation's state taxable income, which of the following items is common addition modification to the federal tax base? a) Interest income received on federal debt obligations. b) Subpart Fincome with respect to foreign subsidiaries. c) Royalties and interest expense paid to related parties. d) Internal Revenue Code section 78 gross-up income. [Space Intentionally Left Blank] Page 14 of 19 30. A limitation of Public Law 86-272 is that it does not apply to a) Taxes on net income b) Sales of tangible personal property. c) Solicitation of orders Sales and use taxes. 31. Which of the following items is generally included in the property factor? a) Property rented by the taxpayer. b) Intangible property. c) Property that produces non-business income. d) None of the above. In computing a corporation's state taxable income, which of the following items is a common addition modification to the federal tax base? a) Interest income received on federal debt obligations. b) Subpart Fincome with respect to foreign subsidiaries. c) Royalties and interest expense paid to related parties. d) Internal Revenue Code section 78 gross-up income. [Space Intentionally Left Blank] a) Property rented by the taxpayer. b) Intangible property. c) Property that produces non-business income. d) None of the above. 32. In computing a corporation's state taxable income, which of the following items is common addition modification to the federal tax base? a) Interest income received on federal debt obligations. b) Subpart Fincome with respect to foreign subsidiaries. c) Royalties and interest expense paid to related parties. d) Internal Revenue Code section 78 gross-up income. [Space Intentionally Left Blank] Page 14 of 19 30. A limitation of Public Law 86-272 is that it does not apply to a) Taxes on net income b) Sales of tangible personal property. c) Solicitation of orders Sales and use taxes. 31. Which of the following items is generally included in the property factor? a) Property rented by the taxpayer. b) Intangible property. c) Property that produces non-business income. d) None of the above. In computing a corporation's state taxable income, which of the following items is a common addition modification to the federal tax base? a) Interest income received on federal debt obligations. b) Subpart Fincome with respect to foreign subsidiaries. c) Royalties and interest expense paid to related parties. d) Internal Revenue Code section 78 gross-up income. [Space Intentionally Left Blank]
