Could you answer this? Sharon Inc. is headquartered in State X and owns 100 perc

Question

Could you answer this? Sharon 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 State Sharon Inc. State X (throwback) Carol Corp. State Y (throwback) Josey Corp. State Z (nonthrowback) Janice Corp. State Z (nonthrowback) Dividend income $ 1,000 $ 200 $ 300 $ 500 Business income $ 50,000 $ 30,000 $ 10,000 $ 10,000 Sales: State X $ 70,000 $ 10,000 $ 10,000 $ 10,000 State Y $ 40,000 $ 5,000 State Z $ 20,000 $ 20,000 $ 10,000 State A $ 20,000 State B $ 10,000 $ 10,000 Property: State X $ 50,000 $ 20,000 $ 10,000 State Y $ 80,000 State Z $ 25,000 $ 20,000 State A $ 50,000 Payroll: State X $ 10,000 $ 10,000 State Y $ 40,000 State Z $ 3,000 $ 10,000 State A $ 10,000 Compute the following for State X assuming a tax rate of 15 percent. (Use an equally weighted three-factor apportionment. Round all apportionment factors to 4 decimal places. Round other answers to the nearest whole dollar amount. Leave no answer blank. Enter zero if applicable.) [The following information applies to the questions displayed below.] a. Calculate the State X apportionment factor for Sharon Inc., Carol Corp., Josey Corp., and Janice Corp. The ones on here are wrong.

Explanation / Answer

Sharon Carol Josoy No NEXUS Janice Sales X 70.000 10,000 10,000 10.000 Total 100.000 70,000 35.000 30.000 Property X 50.000 20,000 0 10.000 Total 100.000 100.000 25.000 30.000 Payroll X 10,000 10,000 0 0 Total 10.000 50,000 3,000 20.000 Sales 0,7 0,14 0,3333 Property 0,5 0,2 0,3333 Payroll 1.00 0,2 0.00 2,2 0,54 0,6666 Apportionment Factor 0.7330 0.18 0.2220 Income 50.000 30.000 10000 Apportioned Income 36667. 5400 2222. Allocated Income 1000 0 State taxable income 37667. 5400.000 2222. 45289. Taxable income 15% Tax rate 6793 State tax liability

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