Essay
Tennis Pro is headquartered in Virginia. Assume it has a state income tax base of $216,000. Of this amount, $92,000 was nonbusiness income. Assume that Tennis Pro's Virginia apportionment factor is 73.28 percent. The nonbusiness income allocated to Virginia was $31,000. Assuming a Virginia corporate tax rate of 5.5 percent, what is Tennis Pro's Virginia state income tax liability? (Round your answer to the nearest whole number.)
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View Answer
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