Tennis Pro, a Virginia corporation domiciled in Virginia, has the following items of income: $5,400 of dividend income, $15,800 of interest income, $10,160 of rental income from Georgia property, and $30,240 of royalty income for an intangible used in Maryland (whereincome tax nexus exists). Determine how much income is allocated to Virginia.

Question

Quizplus · Accepted Answer

The Answer of Tennis Pro, a Virginia corporation domiciled in Virginia, has the following items of income: $5,400 of dividend income, $15,800 of interest income, $10,160 of rental income from Georgia property, and $30,240 of royalty income for an intangible used in Maryland (whereincome tax nexus exists). Determine how much income is allocated to Virginia.

Tennis Pro, a Virginia Corporation Domiciled in Virginia, Has the Following