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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 $ after making the required federaltostate adjustments. Herger's federal tax return contains the following items:
Item Amount
Federal Tnote interest income $
Nevada municipal bond interest income $
California municipal bond interest income $
Interest expense related to Tnote interest income $
Royalty income $
Travel expenses $
Determine Herger's California business income.
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