
Tennis Pro is headquartered in Virginia. Assume it has a state income tax base of $200,000. Of this amount, $60,000 was non-business income. Assume that Tennis Pro's Virginia apportionment factor is 73.28 percent. The non-business income allocated to Virginia was $23,000. Assuming a Virginia corporate tax rate of 5.5 percent, what is Tennis Pro's Virginia state tax liability? (Round your answer to the nearest whole number.)
Correct Answer:
Verified
$200,000 (state tax base) − $60,...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q105: Gordon operates the Tennis Pro Shop in
Q107: Tennis Pro, a Virginia Corporation domiciled in
Q108: Tennis Pro is headquartered in Virginia. Assume
Q109: Assume Tennis Pro discovered that one salesman
Q111: Gordon operates the Tennis Pro Shop in
Q112: Gordon operates the Tennis Pro Shop in
Q113: Gordon operates the Tennis Pro Shop in
Q114: Gordon operates the Tennis Pro Shop in
Q115: Assume Tennis Pro attends a sports equipment
Q120: Big Company and Little Company are both
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents