Tax Drill - Allocation of Deductions Khan, Inc. a domestic corporation, reports $650,000 of gross income and an $80,000

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Tax Drill Allocation Of Deductions Khan Inc A Domestic Corporation Reports 650 000 Of Gross Income And An 80 000 1 (44.6 KiB) Viewed 45 times

Tax Drill - Allocation of Deductions Khan, Inc. a domestic corporation, reports $650,000 of gross income and an $80,000 expense, all related to real estate activities. Determine the expense allocation and apportionment using gross income as a basis. When required, round any division to three decimal places. Use rounded amounts in subsequent computations. Apportionment Foreign Sales income Rental Income Foreign Gross Income $500,000 50,000 $550,000 U.S. Gross Income $85,000 15,000 $100,000 Allocation 72,000 8,000 $80,000 Apportionment U.S.