LO.6 Continue with the facts of Problem 34. Using the format of Exhibit 16.3. compute state taxable

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LO.6 Continue with the facts of Problem 34. Using the format of Exhibit 16.3. compute state taxable income for HippCo, assuming also that the taxpayer recognized $225,000 of net rent income during the year from a warehouse building in Montana. Federal taxable income still is $1 million.

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