Provide the required information for Orange Corporation,whose Federal taxable income totals $100 million.Orange apportions 70% of its business income to State
C.Orange generates $10 million of nonbusiness income each year.Forty percent of that income is attributable to rentals of buildings located in
C.Orange's business income this year totals $90 million.
a. State C taxes how much of Orange's busines income?
b. State C taxes how much of Orange's non business income?
c. Explain your results.

Question

Provide the required information for Orange Corporation,whose Federal taxable income totals $100 million.Orange apportions 70% of its business income to State
C.Orange generates $10 million of nonbusiness income each year.Forty percent of that income is attributable to rentals of buildings located in
C.Orange's business income this year totals $90 million.
 a. State C taxes how much of Orange's busines income?
b. State C taxes how much of Orange's non business income?
c. Explain your results.

Quizplus · Accepted Answer

The Answer of Provide the required information for Orange Corporation,whose Federal taxable income totals $100 million.Orange apportions 70% of its business income to State
C.Orange generates $10 million of nonbusiness income each year.Forty percent of that income is attributable to rentals of buildings located in
C.Orange's business income this year totals $90 million.
 a. State C taxes how much of Orange's busines income?
b. State C taxes how much of Orange's non business income?
c. Explain your results.

Provide the Required Information for Orange Corporation,whose Federal Taxable Income