Condor Corporation generated $450,000 of state taxable income from selling its product in States A and B.For the taxable year,the corporation's activities within the two states were as follows.

Condor has determined that it is subject to tax in both A and B.Both states utilize a three-factor apportionment formula that equally weights sales,property,and payroll.The rates of corporate income tax imposed in A and B are 5% and 3%,respectively.Determine Condor's state income tax liability.

Question

Condor Corporation generated $450,000 of state taxable income from selling its product in States A and B.For the taxable year,the corporation's activities within the two states were as follows.
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Condor has determined that it is subject to tax in both A and B.Both states utilize a three-factor apportionment formula that equally weights sales,property,and payroll.The rates of corporate income tax imposed in A and B are 5% and 3%,respectively.Determine Condor's state income tax liability.

Quizplus · Accepted Answer

The Answer of Condor Corporation generated $450,000 of state taxable income from selling its product in States A and B.For the taxable year,the corporation's activities within the two states were as follows.
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Condor has determined that it is subject to tax in both A and B.Both states utilize a three-factor apportionment formula that equally weights sales,property,and payroll.The rates of corporate income tax imposed in A and B are 5% and 3%,respectively.Determine Condor's state income tax liability.

Condor Corporation Generated $450,000 of State Taxable Income from Selling