A nonresident taxpayer opens an intrastate store with presence in California. 40% of the gross...
60.1K
Verified Solution
Link Copied!
Question
Accounting
A nonresident taxpayer opens an intrastate store with presence in California. of the gross receipts are earned within the state. The taxpayer believes that they do not need to file a California return. Is this accurate?oeiectone a No They have California source income and filing requirements, but they need to make sure that all income and expense items are carefully apportioned and reported using California law amounts and comparisons in order to apportion the appropriate taxable income and expense items for the nonresident return.b No They have California source income and therefore filing requirements. They report all income and expense items and then multiply the tax rate by on a resident return.c Yes The income is earned from a business outside of the state and the taxpayer pays for any obligations due to California likely in the form of sales tax, property taxes, etc. d Yes They have no filing requirement but they need to make sure that the gross receipts do not exceed or
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!