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Consolidated Lint Inc. is organized in Delaware with headquarters in New York. The Company had federal taxable income of $600,000 in 2020 after deducting $100,000
- Consolidated Lint Inc. is organized in Delaware with headquarters in New York. The Company had federal taxable income of $600,000 in 2020 after deducting $100,000 of New York taxes. In 2019 Consolidated Lint Inc. sold $100,000 of lint to New York customers and shipped $3,000,000 to all customers around the world. New York has single sales factor apportionment. New York has "rolling conformity" with the Internal Revenue Code.
- What is New York "entire net income" (New York's term for taxable income)?
Federal Taxable Income: 600,000
New York Taxes: 100,000
Net Income before taxes: 700,000
Apportionment factor percentage:
- What is the apportionment factor percentage?
- What is New York apportioned entire net income?
- Assuming a tax rate of 10% what is the New York tax?
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