PWD Incorporated is an Illinois corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year:
PWD's Federal Taxable Income was $100,000. Calculate PWD's Illinois state tax base.
A) $116,000
B) $130,833
C) $131,000
D) $164,333

Question

PWD Incorporated is an Illinois corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year: 
PWD's Federal Taxable Income was $100,000. Calculate PWD's Illinois state tax base.
A) $116,000 
B) $130,833 
C) $131,000 
D) $164,333

Quizplus · Accepted Answer

$100,000 + $33,333 (Illinois income taxes paid) + $18,500 (Indiana income taxes paid) + 15,000 (Indiana municipal bond interest) − $2,500 (federal T-Note interest).

PWD Incorporated Is an Illinois Corporation