Solved

Python Corporation Realized $200,000 of Taxable Income from the Sales

Question 6

Multiple Choice

Python Corporation realized $200,000 of taxable income from the sales of its products in States X and Z.Python's activities in both states establish nexus for income tax purposes.Python's sales, payroll, and property among the states include the following.  State X  State Y  Totals  Sales $4,000,000$1,000,000$5,000,000 Property 2,000,006,000,0008,000,000 Payroll 8,000,0008,000,00016,000,000\begin{array}{ll}&\text { State X }&\text { State Y }&\text { Totals }\\\hline\text { Sales }&\$4,000,000&\$1,000,000&\$5,000,000\\\text { Property }&2,000,00&6,000,000&8,000,000\\\text { Payroll }&8,000,000&8,000,000&16,000,000\end{array}
State Z utilizes a equally-weighted three-factor apportionment formula.How much of Python's taxable income is apportioned to State Z?


A) $63,334.
B) $76,667.
C) $96,600.
D) $103,400.
E) None of the above.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents