Question
Squash Corporation has nexus in Kentucky, New York, and New Jersey. It generated the following income and deductions in 2015: Sales (net) 7,000,000 Ordinary Operating
Squash Corporation has nexus in Kentucky, New York, and New Jersey. It generated the following income and deductions in 2015:
Sales (net) 7,000,000
Ordinary Operating Expenses 5,000,000
Federal Tax Depreciation 600,000
Kentucky Tax Depreciation 150,000
NY Tax Depreciation 200,000
NJ Tax Depreciation 50,000
Interest Income on Federal Obligations 200,000
Interest income on NY Obligations 100,000
Loss (Ordinary) on Disposal of NY Plant 400,000
Gain (Ordinary) on Disposal of NJ plant 500,000
NOL Carryover from 2014 800,000
Determine Federal Taxable Income?
Determine NY Taxable Income?
Determine NJ Taxable Income?
Determine Kentucky Taxable Income?
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