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Stillwater Corporation is subject to tax only in State A. Stillwater generated the following income and deductions: Federal taxable income $2,350,000 State A income tax
Stillwater Corporation is subject to tax only in State A. Stillwater generated the following income and deductions:
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Federal taxable income is the starting point in computing State A's taxable income. State income taxes are not deductible for State A's tax purposes. In addition, Stillwater paid $800,000 in dividends to its common shareholders for the year.
Stillwater's State A taxable income is $
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