Essay
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:
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$6,908.
$200,000 (state tax base) − $60,...View Answer
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Correct Answer:
Verified
$200,000 (state tax base) − $60,...
View Answer
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