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Please answer with detailed explanation else downvote. Required information [The following information applies to the questions displayed below.] Sharon Incorporated is headquartered in State X
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Required information [The following information applies to the questions displayed below.] Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Sharon Carol Josey Janice Incorporated Corporation Corporation Corporation State X State Y state Z State Z Domicile State (throwback ) (throwback) (nonthrowback) (nonthrowback) Dividend income $ 1, 830 $ 595 $ 525 530 Business income 46,506 43, 256 14, 206 19,506 Sales: State X 78, 500 18, 590 14, 306 16, 100 Sales: State Y 52, 500 6, 850 Sales: State Z 20, 200 39,750 14,506 Sales: State A 29, 300 Sales: State B 16,909 18, 400 Property: State X 69,500 21, 600 12, 200 Property: State Y 86, 500 Property: State Z 40, 500 20 , 750 Property: State A 65,750 Payroll: State X 14, 560 17, 906 Payroll: State Y 55, 250 Payroll: State Z 6,206 15, 408 Payroll: State A 19, 406 Compute the following for State X assuming a tax rate of 15 percent. Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. b. Calculate the business income apportioned to State X. State X Business Income $ 72, 150Step by Step Solution
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