Required information [The following information applies to the questions displayed below.] Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Dividend income Business income Sales: State X Sales: State Y Sales: State Z Sales: State A Sales: State B Property: State X Property: State Y Property: State Z Property: State A Payroll: State X Payroll: State Y Payroll: State Z Payroll: State A Business Income Sharon Carol Incorporated Corporation State X State Y (throwback) (throwback) $ 315 $ 1,240 69,200 93,000 State X 24,800 19,600 65,500 63,500 14,300 b. Calculate the business income apportioned to State X. 42,500 10,900 56,500 28, 200 22,100 102,500 13,000 57,000 Josey Corporation State Z (nonthrowback) $ 375 16, 200 13,400 5,600 27,750 29, 250 6,500 Janice Corporation State Z (nonthrowback) $ 515 17,400 13,500 14,400 14,500 15,700 Compute the following for State X assuming a tax rate of 15 percent. Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. 28,750 11,500 15,100
Required information [The following information applies to the questions displayed below.] Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of Public Law 86-272. Each of the corporations has operations in the following states: Domicile State Dividend income Business income Sales: State X Sales: State Y Sales: State Z Sales: State A Sales: State B Property: State X Property: State Y Property: State Z Property: State A Payroll: State X Payroll: State Y Payroll: State Z Payroll: State A Business Income Sharon Carol Incorporated Corporation State X State Y (throwback) (throwback) $ 315 $ 1,240 69,200 93,000 State X 24,800 19,600 65,500 63,500 14,300 b. Calculate the business income apportioned to State X. 42,500 10,900 56,500 28, 200 22,100 102,500 13,000 57,000 Josey Corporation State Z (nonthrowback) $ 375 16, 200 13,400 5,600 27,750 29, 250 6,500 Janice Corporation State Z (nonthrowback) $ 515 17,400 13,500 14,400 14,500 15,700 Compute the following for State X assuming a tax rate of 15 percent. Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable. 28,750 11,500 15,100
SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter16: Multijurisdictional Taxation
Section: Chapter Questions
Problem 3CE
Related questions
Question
![Required information
[The following information applies to the questions displayed below.]
Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and
Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of
Public Law 86-272. Each of the corporations has operations in the following states:
Domicile State
Dividend income
Business income
Sales: State X
Sales: State Y
Sales: State Z
Sales: State A
Sales: State B
Property: State X
Property: State Y
Property: State Z
Property: State A
Payroll: State X
Payroll: State Y
Payroll: State Z
Payroll: State A
Business Income
Sharon
Carol
Josey
Incorporated Corporation Corporation
State Y
State Z
(throwback) (throwback) (nonthrowback)
State X
$ 1,240
$315
$ 375
42,500
16, 200
10,900
56,500
28, 200
69,200
93,000
State X
24,800
19,600
65,500
63,500
14,300
b. Calculate the business income apportioned to State X.
22,100
102,500
13,000
57,000
13,400
5,600
27,750
29, 250
6,500
Janice
Corporation
State Z
(nonthrowback)
515
17,400
13,500
14,400
14,500
15,700
Compute the following for State X assuming a tax rate of 15 percent.
Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places.
Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.
28,750
11,500
15,100](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa454c8d9-8113-4596-aba6-6b9ead294dd4%2F7528161c-7d83-411c-8802-376f9fddaef3%2F59pifmd_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
[The following information applies to the questions displayed below.]
Sharon Incorporated is headquartered in State X and owns 100 percent of Carol Corporation, Josey Corporation, and
Janice Corporation, which form a single unitary group. Assume sales operations are within the solicitation bounds of
Public Law 86-272. Each of the corporations has operations in the following states:
Domicile State
Dividend income
Business income
Sales: State X
Sales: State Y
Sales: State Z
Sales: State A
Sales: State B
Property: State X
Property: State Y
Property: State Z
Property: State A
Payroll: State X
Payroll: State Y
Payroll: State Z
Payroll: State A
Business Income
Sharon
Carol
Josey
Incorporated Corporation Corporation
State Y
State Z
(throwback) (throwback) (nonthrowback)
State X
$ 1,240
$315
$ 375
42,500
16, 200
10,900
56,500
28, 200
69,200
93,000
State X
24,800
19,600
65,500
63,500
14,300
b. Calculate the business income apportioned to State X.
22,100
102,500
13,000
57,000
13,400
5,600
27,750
29, 250
6,500
Janice
Corporation
State Z
(nonthrowback)
515
17,400
13,500
14,400
14,500
15,700
Compute the following for State X assuming a tax rate of 15 percent.
Note: Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places.
Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.
28,750
11,500
15,100
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