Ramy Corporation has nexus in New York and New Jersey. It generated the following income and deductions. Sales (net) Ordinary operating expenses Federal tax depreciation NY and NJ tax depreciation Interest income on Federal obligations Interest income on NY obligations 6,400,000 4,000,000 400,000 250,000 20,000 75,000 A. Determine Federal taxable income B. Determine NY taxable income C. Determine NJ taxable income The activities in NY and NJ are as follows. NY NJ Total Sales Property Payroll NY uses a three factor formula under which sales, property and payroll are equally weighted. NJ 4,000,000 2,400,000 6,400,000 400,000 600,000 1,000,000 2,400,000 1,000,000 3,400,000 uses a single factor formula that consists solely of sales