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Flint Corporation is subject to a corporate income tax only in State X. The starting point in computing X taxable income is Federal taxable income.
Flint Corporation is subject to a corporate income tax only in State X. The starting point in computing X taxable income is Federal taxable income. Flints Federal taxable income is $750,000, which includes a $50,000 deduction for state income taxes. During the year, Flint received $10,000 interest on Federal obligations. X tax law does not allow a deduction for state income tax payments. Flints taxable income for X purposes is: a. $800,000. b. $790,000. c. $810,000. d. $750,000.
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