Sharon Inc. is headquartered in State X and owns 100 percent of Carol Corp., Josey Corp., and Janice Corp., 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: Domicile State Dividend income Business income Sales : State X State y State 2 State A State B Property: State X State Y State 2 State A Payroll: State X State Y State 2 State A Sharon Inc. Carol Corp. Josey Corp. Janice Corp. State x State Y State z State z (throwback) (throwback) (nonthrowback) (nonthrowback) $ 1,080 $ 450 $ 775 $ 905 54,700 36,000 14,300 11,600 77,200 10,100 17,600 11,700 42,500 5,300 20,400 44,500 15,500 23,100 17,800 13,200 65,750 21,800 14,800 92,750 26,750 34,500 59,250 11,000 16,100 48,500 5,500 13,500 14,600 Compute the following for State X assuming a tax rate of 15 percent. (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.) a. Calculate the State X apportionment factor for Sharon Inc., Carol Corp., Josey Corp., and Janice Corp. State X Apportionment factors Sharon Carol Josey Janice Required information [The following information applies to the questions displayed below.) Sharon Inc. is headquartered in State X and owns 100 percent of Carol Corp., Josey Corp., and Janice Corp., 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: Domicile State Dividend income Business income Sales : State X State y State State A State B Property: Statex State Y State ? State A Payroll State x State Y State z State A Sharon Inc. Carol Corp. Josey Corp. Janice Corp. State x State Y State z State z (throwback) (throwback) (nonthrowback) (nonthrowback) $ 1,080 $ 450 $ 775 $ 905 54,700 36,000 14,300 11,600 77,200 10,100 17,600 11,700 42,500 5,300 20,400 44,500 15,500 23, 100 17,000 13,200 65,750 21,800 14,800 92,750 26,750 34,500 59, 250 11,000 16,100 48,500 5,500 13,500 14,600 Compute the following for State X assuming a tax rate of 15 percent. (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 Sharon Inc. is headquartered in State X and owns 100 percent of Carol Corp., Josey Corp., and Janice Corp., 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: Domicile State Dividend income Business income Sales: State x State y State Z State State B Property: State x State Statez State A Payroll: State x State y State State Sharon Inc. Carol Corp. Josey Corp. Janice Corp. Statex State Y State z State z (throwback) (throwback) (nonthrowback) (nonthrowback) $ 1,080 $ 450 $ 775 $ 905 54,700 36,000 14,300 11,600 77,200 10,100 17,600 11,700 42,500 5,300 20,400 44,500 15,500 23,100 17,800 13,200 65,750 21,800 14,800 92,750 26,750 34,500 59, 250 11,000 16,100 48,500 5,500 13,500 14,600 Compute the following for State X assuming a tax rate of 15 percent. (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.) c. Calculate the taxable income for State X for each company. State X taxable Income Sharon Carol Josey Janice CD Required information [The following information applies to the questions displayed below) Sharon Inc. is headquartered in State X and owns 100 percent of Carol Corp., Josey Corp., and Janice Corp., 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 Inc. Carol Corp. Josey Corp. Janice Corp. State x State Y State z State 2 Domicile State (throwback) (throwback) (nonthrowback) (nonthrowback) Dividend income $ 1,080 $ 450 $ 775 $ 905 Business income 54,700 36,000 14,300 11,600 Sales: State X 77,200 10,100 17,600 11,700 State Y 42,500 5,300 State z 20,400 44,500 15,500 State A 23,100 State B 17,800 13, 200 Property: State X 65,750 21,800 14,800 State Y 92,750 State z 26,750 34,500 State A 59, 250 Payroll: State x 11,000 16,100 State Y 48,500 State 2 5,500 13,500 State A 14,600 Compute the following for State X assuming a tax rate of 15 percent. (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.) d. Determine the tax liability for State X for the entire group. State X Tax liability
