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Exam 24: Multistate Corporate Taxation

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Question 101

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The sale of groceries to an individual probably is exempt from sales/use tax under the _________________________ rule.

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Question 102

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A ____________________ tax is designed to complement the local sales tax structure,to prevent the consumer from making no- or low-tax purchases in another state,outside the U.S.,or online,and then bringing the asset into the state.

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Question 103

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Kim Corporation,a calendar year taxpayer,has manufacturing facilities in States A and B.A summary of Kim's property holdings follows. ​ *Unrelated to Kim's regular business and operations. Determine Kim's property factors for the two states.A's statutes provide that the average historical cost of business property is to be included in the property factor.B's statutes provide that the property factor is based on the average depreciated basis of in-state business property.

Although apportionment formulas vary among jurisdictions,most states use the same three factors in the formula.The factors are ____________________,____________________,and ____________________.

Hambone Corporation is subject to the State E capital stock tax.The tax is levied at 2% of the entity's net worth that is apportioned to E.Hambone conducts 30% of its operations in State E.Hambone's current book balance sheet is as follows,with amounts in millions.Compute Hambone's liability for the E capital stock tax.

Sylvia spends time working at the offices of her employer as a consultant to clients who are located in three different U.S.states.To which state(s)' payroll factor(s) is Sylvia's compensation assigned? Apply the general UDITPA rules.

Most of the U.S.states have adopted an alternative minimum tax,similar to the Federal system,in taxing the income of corporations.

Most states exempt consumer purchases of groceries from the collection of the local sales tax.

In most states,a limited liability company (LLC) is subject to the state income tax:

A state sales tax usually falls upon:

In most states,a consolidated corporate income tax return:

A use tax applies when a State A resident purchases:

Typically,sales/use taxes constitute about 20 percent of a state's annual tax collections.

A typical U.S.state piggybacks its collections of the corporate income tax,by letting the Federal government collect and remit the corresponding tax to the state.

A state can levy an income tax on a business only if the business was incorporated in the state.

Garcia Corporation is subject to tax in States G,H,and I.Garcia's compensation expense includes the following. Officers' salaries are included in the payroll factor for States G and H,but not for I.Compute Garcia's payroll factors for G,H,and I.