XYZ Corporation, is a calendar year taxpayer that manufacturers equipment for businesses in Arizona, Kansas, and Oklahoma. The Company headquarters are located in Arizona, but a number of the employees travel to Colorado to solicit sales from potential customers. After products are delivered to customers in Colorado, XYZ sends employees to install the products and conduct training. Does XYZ have income tax nexus in Colorado? Explain the concept of nexus to the CFO, Danny Client, using the information from Public Law 86-272.

Additionally, explain the general concepts of apportionment and allocations along with the results from Part 2 of this assignment with regard to the financial impact to XYZ Corporation for conducting business in multiple states.