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Oldham, Incorporated conducts business in State M and State N , which both use the UDITPA three - factor formula to apportion income. State M
Oldham, Incorporated conducts business in State M and State N which both use the UDITPA threefactor formula to apportion income. State Ms corporate tax rate is percent, and State Ns corporate tax rate is percent. This year, Oldham had the following sales, payroll, and property in thousands of dollars in each state:
State M State N Total
Gross receipts from sales $ $ $
Payroll expense
Property costs
Required:
Oldhams beforetax income was $ million. Compute Oldhams State M and State N tax if State N uses an apportionment formula in which the sales factor is doubleweighted.
Note: Round all apportionment factors to decimal places, eg would be Enter "Apportionment percentage" and "Tax rate" in decimals and not in percentage. Do not round any intermediate values. Enter your answers in dollars and not in millions or thousands of dollars.
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