Question
Herger Corporation does business in California, Nevada, and Oregon and has income tax nexus in these states as well. Hergers California state tax base was
Herger Corporation does business in California, Nevada, and Oregon and has income tax nexus in these states as well. Hergers California state tax base was $962,060 after making the required federal/state adjustments. Hergers federal tax return contains the following items:
| Item | Amount | |
| Federal T-note interest income | $ | 6,800 |
| Nevada municipal bond interest income | $ | 3,680 |
| California municipal bond interest income | $ | 8,400 |
| Interest expense related to T-note interest income | $ | 1,800 |
| Royalty income | $ | 155,000 |
| Travel expenses | $ | 9,800 |
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Determine Hergers California business income.
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Taxation Of Individuals And Business Entities 2015
Authors: Brian Spilker, Benjamin Ayers, John Robinson, Edmund Outslay, Ronald Worsham, John Barrick, Connie Weaver
6th Edition
978-1259206955, 1259206955, 77862368, 978-0077862367
