Palmetto Corporation realized $300,000 of taxable income from the sales of its products in States...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Palmetto Corporation realized $300,000 of taxable income from the sales of its products in States A and B. Palmetto's activities in both states establish nexus for income tax purposes. Palmetto's sales, payroll, and property in the states include the following: State A State B Total Sales $540,000 $260,000 $800,000 Property $155,000 $0 $155,000 Payroll $285,000 $0 $285,000 State B uses a sales-factor-only apportionment formula.
In your computations, round any division to three decimal places before converting to a percentage and use rounded amounts in subsequent computations. If required, round your final answer to the nearest dollar. How much of Palmetto's taxable income is apportioned to State B?
how much longer time do you need?
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!
