Business, 15.07.2020 01:01, oliviacolaizzi

Sheron Inc. is headquartered in State X and owns 100 percent 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: Domicile StateSharon Inc. State X (throwback)Carol Corp State Y (throwback)Josey Corp State Z (nonthrowback)Janice Corp State Z (nonthrowback)
Dividend income$1280$575$405$605
Business income50,30031,50011,70016,300
Sales: State X79,70016,00017,80011,500
State Y 50,0008,300
State Z 21,30032,50014,000
State A32,200
State B14,100 17,500
Property: State X59,25026,100 19,500
State Y 86,750
State Z 45,75040,500
State A69,000
Payroll: State X13,30015,400
State Y 43,750
State Z 5,00012,300
State A 14,100
Compute the following for State X assuming a tax rate of 15 percent. (Use an equally weighted three-factor apportionment. Do not round intermediate calculations. Round apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount.)

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.

Answers: 2

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Sheron Inc. is headquartered in State X and owns 100 percent of Carol, Josey and Janice Corps, which...