Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Sharon Inc. is headquartered in State X and owns 100 percent of Carol, Josey, and Janice Corps, which form a single unitary group. Assume sales

Sharon Inc. is headquartered in State X and owns 100 percent of Carol, Josey, and Janice Corps, 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 Sharon Inc. State X (throwback) Carol Corp State Y (throwback) Josey Corp State Z (nonthrowback) Janice Corp State Z (nonthrowback)
Dividend income $ 1,790 $ 535 $ 635 $ 925
Business income $ 43,700 $ 38,250 $ 15,200 $ 10,900
Sales: State X $ 98,200 $ 14,400 $ 10,600 $ 15,200
State Y $ 54,250 $ 9,100
State Z $ 22,900 $ 25,750 $ 13,300
State A $ 25,300
State B $ 18,900 $ 19,600
Property: State X $ 60,250 $ 27,300 $ 16,400
State Y $ 82,000
State Z $ 49,750 $ 29,500
State A $ 67,750
Payroll: State X $ 10,800 $ 19,900
State Y $ 57,750
State Z $ 4,250 $ 11,900
State A $ 19,000

Compute the following for State X assuming a tax rate of 15 percent. (Use an equally weighted three-factor apportionment. Do not round intermediate calculations. Round 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.

Apportionment factors: State X
Sharon
Carol
Josey
Janice

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Environmental Audit And Business Strategy Financial Times

Authors: Grant Ledgerwood

1st Edition

0273038508, 978-0273038504

More Books

Students also viewed these Accounting questions

Question

=+ (a) Show that if P( An B) Answered: 1 week ago

Answered: 1 week ago

Question

CL I P COL Astro- L(1-cas0) Lsing *A=2 L sin(0/2)

Answered: 1 week ago