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1783. Question TF #1
Roughly forty percent of all taxes paid by businesses in the U.S. are to state, local, and municipal jurisdictions.
a. True
b. False
1784. Question TF #2
Usually a business chooses a location where it will build a new plant based chiefly on tax considerations.
a. True
b. False
1785. Question TF #3
Politicians use tax devices to create economic development incentives.
a. True
b. False
1786. Question TF #4
All of the U.S. states have adopted a tax based on net taxable income.
a. True
b. False
1787. Question TF #5
Most of the U.S. states have adopted an alternative minimum tax, similar to the Federal system.
a. True
b. False
1788. Question TF #6
States collect the most tax dollars from the corporate income tax.
a. True
b. False
1789. Question TF #7
The corporate income tax provides about 5 percent of the annual tax revenues for the typical U.S. state.
a. True
b. False
1790. Question TF #8
State and local politicians tend to apply new and increased taxes to taxpayers who are visitors to the jurisdiction and cannot vote to reelect the lawmaker.
a. True
b. False
1791. Question TF #9
A state or local tax on a corporation’s income might be called a franchise tax or a business privilege tax.
a. True
b. False
1792. Question TF #10
Most states begin the computation of taxable income with an amount from the Federal income tax return.
a. True
b. False
1793. Question TF #11
If a state follows Federal income tax rules, the state’s tax compliance and enforcement become easier to accomplish.
a. True
b. False
1794. Question TF #12
A typical state taxable income addition modification is the interest income from U.S. Treasury bonds.
a. True
b. False
1795. Question TF #13
A typical state taxable income addition modification is the Federal net operating loss (NOL) deduction.
a. True
b. False
1796. Question TF #14
A state cannot levy a tax on a business unless the business was incorporated in the state.
a. True
b. False
1797. Question TF #15
Typical indicators of nexus include the presence of employees based in the state, and the ownership or lease of realty there.
a. True
b. False
1798. Question TF #16
Under P.L. 86-272, the taxpayer is exempt from state taxes on income resulting from the mere solicitation of orders for the sale of in-state realty.
a. True
b. False
1799. Question TF #17
In most states, a taxpayer’s income is apportioned on the basis of a formula measuring the extent of business contact, and allocated according to the location of property owned or used.
a. True
b. False
1800. Question TF #18
All of the U.S. states use the same apportionment formula and factors.
a. True
b. False
1801. Question TF #19
Nonbusiness income includes dividends received from investment securities.
a. True
b. False
1802. Question TF #20
Double weighting the sales factor effectively increases the tax burden on taxpayers based in the state, such as corporations with in-state headquarters.
a. True
b. False
1803. Question TF #21
An assembly worker earns a $30,000 salary and receives a fringe benefit package worth $15,000. The payroll factor assigns $30,000 for this employee.
a. True
b. False
1804. Question TF #22
A service engineer spends 60% of her time maintaining the employer’s productive business property and 40% maintaining the employer’s nonbusiness rental properties. This year, her compensation totaled $90,000. The payroll factor assigns $54,000 to the state in which the employer is based.
a. True
b. False
1805. Question TF #23
The property factor includes land and buildings used for business purposes.
a. True
b. False
1806. Question TF #24
The property factor includes business assets that the taxpayer owns, but also those merely used under a lease agreement.
a. True
b. False
1807. Question TF #25
A unitary business is treated as a single entity for state tax purposes, with a combined apportionment formula including data from all of the operations of the business.
a. True
b. False
1808. Question TF #26
By making a water’s edge election, the multinational taxpayer can limit the reach of the unitary theory to U.S.-based factors and income.
a. True
b. False
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