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Herger Corporation does business in California, Nevada, and Oregon and has income tax nexus in these states as well. Herger's California state tax base was
Herger Corporation does business in California, Nevada, and Oregon and has income tax nexus in these states as well. Herger's California state tax base was $945,540 after making the required federal/state adjustments. Herger's federal tax return contains the following items:
Item | Amount |
---|---|
Federal T-note interest income | $ 6,200 |
Nevada municipal bond interest income | $ 3,910 |
California municipal bond interest income | $ 6,900 |
Interest expense related to T-note interest income | $ 2,390 |
Royalty income | $ 184,000 |
Travel expenses | $ 8,200 |
Determine Herger's business income.
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