25 May Question 51. Sharon, Inc. is headquartered in State X and own
Question
51. Sharon, Inc. is headquartered in State X and owns 100% of Carol, Josey, and Janice Corps, 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:
| Sharon, Inc. | Carol Corp | Josey Corp | Janice Corp | |
| Domicile State | State X (throwback) | State Y (throwback) | State Z (non-throwback) | State Z (non-throwback) |
| Dividend income | 1,000 | 200 | 300 | 500 |
| Business income | 50,000 | 30,000 | 10,000 | 10,000 |
| Sales: State X | 70,000 | 10,000 | 10,000 | 10,000 |
| State Y | 40,000 | 5,000 | ||
| State Z | 20,000 | 20,000 | 10,000 | |
| State A | 20,000 | |||
| State B | 10,000 | 10,000 | ||
| Property: State X | 50,000 | 20,000 | 10,000 | |
| State Y | 80,000 | |||
| State Z | 25,000 | 20,000 | ||
| State A | 50,000 | |||
| Payroll: State X | 10,000 | 10,000 | ||
| State Y | 40,000 | |||
| State Z | 3,000 | 10,000 | ||
| State A | 10,000 |
Compute the following for State X assuming a tax rate of 15 percent.
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.
52. Happy Hippos (HH) is a manufacturer and retailer of New England crafts. HH is headquartered in Camden, Maine. HH provides services has sales, employees, property, and commercial domicile as follows:
| Happy Hippos In-State Activities |
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