25 May Question
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Question
<pclass=”msobodytext” style=”box-sizing: border-box; margin: 3.2pt 9.5pt 0.0001pt 31.25pt; text-indent: -16.5pt; line-height: 16.96px;”>1. José Corporation realized $900,000 taxable income from the sales of its products in States X and Z. José’s activities in both states establish nexus for income tax purposes. José’s sales, payroll, and property among the states include the following.
State X | State Z | Totals | |
Sales | $1,500,000 | $1,000,000 | $2,500,000 |
Property | 500,000 | –0– | 500,000 |
Payroll | 2,000,000 | –0– | 2,000,000 |
X utilizes an equally weighted threefactor apportionment formula. How much of José’s taxable income is
apportioned to X?
- $120,000.
- $450,000.
- $780,000.
- $900,000.
- Chipper Corporation realized $1,000,000 taxable income from the sales of its products in States X and Z. Chipper’s activities establish nexus for income tax purposes only in Z, the state of its incorporation. Chipper’s sales, payroll, and property among the states include the following.
State X | State Z | Totals | |
Sales | $1,000,000 | $2,000,000 | $3,000,000 |
Property | 200,000 | 2,300,000 | 2,500,000 |
Payroll | 100,000 | 1,900,000 | 2,000,000 |
X utilizes a salesonly factor in its threefactor apportionment formula. How much of Chipper’s taxable income is
apportioned to X?
- $0.
- $333,333.
- $500,000.
- $1,000,000.
- Helene Corporation owns manufacturing facilities in States A, B, and C. A uses a three-factor apportionment formula under which the sales, property and payroll factors are equally weighted. B uses a three-factor apportionment formula under which sales are double-weighted. C employs a single-factor apportionment factor, based solely on sales.
Helene’s operations generated $1,000,000 of apportionable income, and its sales and payroll activity and average
property owned in each of the three states is as follows.
State A | State B | State C | Totals | |
Sales | $400,000 | $800,000 | $300,000 | $1,500,000 |
Payroll | 100,000 | 150,000 | 50,000 | 300,000 |
Property | 200,000 | 200,000 | 200,000 | 600,000 |
Helene’s apportionable income assigned to A is:
- $0.
- $266,667.
- $311,100.
- $1,000,000.
- Simpkin Corporation owns manufacturing facilities in States A, B, and C. A uses a three-factor apportionment formula under which the sales, property and payroll factors are equally weighted. B uses a three-factor apportionment formula under which sales are double-weighted. C employs a single-factor apportionment factor, based solely on sales.
Simpkin’s operations generated $1,000,000 of apportionable income, and its sales and payroll activity and average
property owned in each of the three states is as follows.
State A | State B | State C | Totals | |
Sales | $400,000 | $800,000 | $300,000 | $1,500,000 |
Payroll | 100,000 | 150,000 | 50,000 | 300,000 |
Property | 200,000 | 200,000 | 200,000 | 600,000 |
Simpkin’sapportionableincomeassignedtoB is:
a.$1,000,000.
b.$533,333.
c.$475,000.
d.$0.
- Cruz Corporation owns manufacturing facilities in States A, B, and C. A uses a three-factor apportionment formula under which the sales, property and payroll factors are equally weighted. B uses a three-factor apportionment formula under which sales are double-weighted. C employs a single-factor apportionment factor, based solely on sales.
Cruz’s operations generated $1,000,000 of apportionable income, and its sales and payroll activity and average
property owned in each of the three states is as follows.
State A | State B | State C | Totals | |
Sales | $400,000 | $800,000 | $300,000 | $1,500,000 |
Payroll | 100,000 | 150,000 | 50,000 | 300,000 |
Property | 200,000 | 200,000 | 200,000 | 600,000 |
Cruz’s apportionable income assigned to C is:
- $1,000,000.
- $273,333.
- $200,000.
- $0.
- Boot Corporation is subject to income tax in States A and B. Boot’s operations generated $200,000 of apportionable
income, and its sales and payroll activity and average property owned in each of the states is as follows.
State A | State B | Totals | |
Sales | $200,000 | $600,000 | $800,000 |
Payroll | 100,000 | 50,000 | 150,000 |
Property | 200,000 | 50,000 | 250,000 |
How much more (less) of Boot’s income is subject to A income tax if, instead of using an equally weighted three
factor apportionment formula, A uses a formula with a double-weighted sales factor?
- ($50,000).
- $50,000.
- $16,100.
- ($16,100).
- General Corporation is taxable in a number of states. This year, General made a $100,000 sale from its A headquarters to an agency of the U.S. government. State A applies a throwback rule. In which state(s) will the sale be included in the sales factor numerator?
- $0 in A.
- $50,000 in A, with the balance exempted from other states’ sales factors under theColgatedoctrine.
- $100,000 in A.
- In all of the states, according to the apportionment formulas of each, as the U.S. government is present in all states.
- General Corporation is taxable in a number of states. This year, General made a $100,000 sale from its A headquarters to a State B office of an agency of the U.S. government. General has not established nexus with B. State A does not apply a throwback rule. In which state(s) will the sale be included in the sales factor numerator?
- In all of the states, according to the apportionment formulas of each, as the U.S. government is present in all states.
- b. $100,000 in A.
- c. $100,000 in B.
- $0 in both A and B.
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