Essay
Tennis Pro is headquartered in Virginia. Assume it has a Kentucky state income tax base of $260,000. Of this amount, $48,000 was nonbusiness income. Assume that Tennis Pro's Kentucky sales, payroll, and property apportionment factor are 11, 4, and 5 percent, respectively. Assume that Kentucky uses a single-factor sales formula apportionment method. The nonbusiness income allocated to Kentucky was $5,000. Assuming Kentucky's corporate tax rate is 6 percent, what is Tennis Pro's Kentucky state income tax liability?
Correct Answer:
Verified
${{[a(11)]:#,###}}.
${{[a(1)]:#,###}} (s...View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Correct Answer:
Verified
${{[a(1)]:#,###}} (s...
View Answer
Unlock this answer now
Get Access to more Verified Answers free of charge
Q6: Business income is allocated to the state
Q7: Interest and dividends are allocated to the
Q8: Assume Tennis Pro attends a sports equipment
Q9: Use tax liability accrues in the state
Q10: Which of the following is not a
Q12: Gordon operates the Tennis Pro Shop in
Q13: Della Corporation is headquartered in Carlisle, Pennsylvania.
Q14: Most state tax laws adopt the federal
Q15: Gordon operates the Tennis Pro Shop in
Q16: Which of the following law types is