(1) Regarding state taxation, nexus refers to a. The legal basis to tax income of...
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(1) Regarding state taxation, nexus refers to a. The legal basis to tax income of an out of state corporation b. The legal basis to tax a corporation in its home state. c. The requirement to file a state income tax return. d. The requirement to file a state sales tax return. (2) Which of the following is a state tax modification to Federal taxable income? State income tax deducted on the Federal tax return. b. Excess of Federal depreciation over state depreciation. c. Excess of state bad debt deduction over Federal bad debt deduction. d. All of the above a. (3) A US corporation has foreign operations which consist of foreign branches and foreign subsidiaries. It is subject to US tax on its income from its: a. Foreign operations b Foreign branches. c Foreign subsidiaries. d US operations only 4) A foreign corporation engaged in business in the U.S is a. Taxed in the U.S on its worldwide income. b. Not taxed in the U.S c. Taxed only in its home country d. Taxed in the U.S. in general on its U.S. sourced income
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