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Exam 16: Multistate Corporate Taxation

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Question 41

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Given the following transactions for the year,determine Comp Corporation's D payroll factor denominator.State D has adopted the principles of UDITPA.

A) $1,000,000.
B) $900,000.
C) $700,000.
D) $600,000.

E) A) and B)
F) B) and C)

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Question 42

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List which items are included in the payroll factor of a state.Consider all forms of compensation that an employee might receive.Apply the general UDITPA rules.

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The following items,...

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Question 43

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The individual seller of a used auto should collect and remit sales tax to the state.

A use tax applies when a State A resident purchases:

A state can levy an income tax on a business only if the business was incorporated in the state.

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 stocks and bonds.

A city might assess a recording tax when a business takes out a mortgage on its real estate.

Garcia Corporation is subject to tax in States G,H,and I.Garcia's compensation expense includes the following.

The sale of groceries to an individual probably is exempt from sales/use tax under the _________________________ rule.

Overall tax liabilities typically ____________________ (increase/decrease)if the members of a unitary group begin to include affiliates that generate net operating losses.

Typically exempt from the sales/use tax base is the purchase by a symphony orchestra of printed music for its players.

Kurt Corporation realized $900,000 taxable income from the sales of its products in States X and Z.Kurt's activities establish nexus for income tax purposes in both states.Kurt's sales,payroll,and property among the states include the following. Z utilizes an equally weighted three-factor apportionment formula.Kurt is incorporated in X.How much of Kurt's taxable income is apportioned to Z?

All of the U.S.states have adopted a tax based on net taxable income.

Typically,a sales/use tax is applied to a retail sale of ____________________ property.

Most of the U.S.states have adopted an alternative minimum tax,similar to the Federal system.

A state might levy a(n)____________________ tax when an investor sells shares of stock. or

Node Corporation is subject to tax only in State X.Node generated the following income and deductions.State income taxes are not deductible for X income tax purposes.

José Corporation realized $600,000 taxable income from the sales of its products in States X and Z.José's activities in both states establish nexus for income tax purposes.José's sales,payroll,and property among the states include the following. X utilizes an equally weighted three-factor apportionment formula.How much of José's taxable income is apportioned to X?

Sales/use tax nexus is established for the taxpayer by the sales-solicitation activities of an independent contractor acting on the taxpayer's behalf.

A state sales tax usually falls upon: