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Dough Company sold an asset for $500,000. Dough's Federal tax basis for the asset was $300,000. Because of differences in depreciation, the state tax
Dough Company sold an asset for $500,000. Dough's Federal tax basis for the asset was $300,000. Because of differences in depreciation, the state tax basis in the asset was $350,000. What adjustment, if any, should be made to Federal taxable income in determining state taxable income? A) ($50,000). B $35,000. C $50,000 D) $0
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