Which of the following is not a general rule for allocating nonbusiness income?
A)Interest and dividends to the state of commercial domicile.
B)Rental income for investment property to state of commercial domicile.
C)Rental income for business property to state where property is located.
D)Capital gains from rental property to state where property is located.

Question

Quizplus · Accepted Answer

Rental income from investment property is typically allocated to the state where the property is located, not necessarily to the state of commercial domicile. This is because the income is directly generated from the physical location of the property, making the location of the property the relevant factor for tax purposes, rather than the commercial domicile of the entity owning the property.

Which of the Following Is Not a General Rule for Allocating