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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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