Question
Michaelmast Corporation realized $1,200,000 of taxable income from the sales of its products in States A and B. Michaelmast's activities in both states establish nexus
Michaelmast Corporation realized $1,200,000 of taxable income from the sales of its products in States A and B. Michaelmast's activities in both states establish nexus for income tax purposes. Michaelmast's sales, payroll, and property in the states include the following:
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State B uses an equally weighted three-factor apportionment formula.
In your computations, round any division to four decimal places before converting to a percentage and use rounded amounts in subsequent computations. If required, round your final answer to the nearest dollar.
How much of Michaelmast's taxable income is apportioned to State B?
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