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Sharon Inc. is headquartered in State X and owns 100 percent of Carol Corp., Josey Corp., and Janice Corp., which form a

Posted: Tue Nov 16, 2021 9:20 am
by answerhappygod
Sharon Inc. is headquartered in State X and owns 100 percent of
Carol Corp., Josey Corp., and Janice Corp., 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:
Compute the following for State X assuming a tax rate of 15
percent. (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.)
a. Calculate the State X apportionment
factor for Sharon Inc., Carol Corp., Josey Corp., and Janice
Corp.
b. Calculate the business income
apportioned to State X.
c. Calculate the taxable income for State
X for each company.
d. Determine the tax liability for State X
for the entire group.