Tennis Pro is headquartered in Virginia. Assume it has a state income tax base of $240,000 aftermaking the appropriate adjustments. Of this amount, $60,000 was non-business income.The non-business income included the following: $8,000 of dividend income, $15,000 of interest income,$37,000 of royalty income for an intangible used in Maryland.Tennis Pro has the following sales, payroll and property factors:VirginiaMarylandSales40%20%Payroll80%5%Property90%5%Assume that Virginia uses an equally weighted three-factor formula. Assuming a Virginia corporatetax rate of 6 percent, what is Tennis Pro's Virginia state tax liability? (Round your answer to thenearest whole number.)

Virginia apportionment factor by using equally weighted three factor formula: = (40 + 80 + 90)/ 3 =…

Assume that Virginia uses an equally weighted three-factor formula. Assuming a Virginia corporate tax rate of 6 percent, what is Tennis Pro's Virginia state tax liability? (Round your answer to the nearest whole number.)

Assume that Virginia uses an equally weighted three-factor formula. Assuming a Virginia corporate tax rate of 6 percent, what is Tennis Pro's Virginia state tax liability? (Round your answer to the nearest whole number.)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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