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ederal T-note interest $ 2,476 Included on federal return e depreciation expense was $51,200. Hoosier's federal taxable income was $151,500. Calculate sier's Indiana state tax base. Multiple Choice

ederal T-note interest $ 2,476 Included on federal return e depreciation expense was $51,200. Hoosier's federal taxable income was $151,500. Calculate sier's Indiana state tax base. Multiple Choice

FINANCIAL ACCOUNTING
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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51 Hoosier Incorporated is an Indiana corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year Item Illinois income taxes Indiana income taxes Ohio Commercial Activity Tax Depreciation Illinois municipal bond interest Indiana municipal bond interest Federal T-note interest Multiple Choice State depreciation expense was $51,200. Hoosier's federal taxable income was $151,500. Calculate Hoosier's Indiana state tax base. $200,833 $172,416 $208,333 Amount $ 33,417 $ 18,440 $ 3,976 $ 41,200 $ 9,952 $ 15,300 $ 2,476 O $174,892 Federal Treatment Deducted on federal return Deducted on federal return Deducted on federal return Deducted on federal return Excluded from federal return Excluded from federal return Included on federal return
Transcribed Image Text:51 Hoosier Incorporated is an Indiana corporation. It properly included, deducted, or excluded the following items on its federal tax return in the current year Item Illinois income taxes Indiana income taxes Ohio Commercial Activity Tax Depreciation Illinois municipal bond interest Indiana municipal bond interest Federal T-note interest Multiple Choice State depreciation expense was $51,200. Hoosier's federal taxable income was $151,500. Calculate Hoosier's Indiana state tax base. $200,833 $172,416 $208,333 Amount $ 33,417 $ 18,440 $ 3,976 $ 41,200 $ 9,952 $ 15,300 $ 2,476 O $174,892 Federal Treatment Deducted on federal return Deducted on federal return Deducted on federal return Deducted on federal return Excluded from federal return Excluded from federal return Included on federal return
3 1:48:39 ook Handsome Rob provides transportation services in several western states. Rob has payroll as follows: Handsome Rob's Payroll: State Arizona California Nevada Washington Totals Multiple Choice $1,134,652 Rob is a California corporation, and the following is true: Rob has income tax nexus in Arizona, California, Nevada, and Washington. The Washington drivers spend 25 percent of their time driving through Oregon. California payroll includes $200,700 of payroll for services provided in Nevada by California-based drivers. What is Rob's California payroll numerator? $2,657,541 $933,952 Payroll $1,215,368 $ 350,533 $ 1,134,652 $ 849,198 $ 323,158 $ 2,657,541 1
Transcribed Image Text:3 1:48:39 ook Handsome Rob provides transportation services in several western states. Rob has payroll as follows: Handsome Rob's Payroll: State Arizona California Nevada Washington Totals Multiple Choice $1,134,652 Rob is a California corporation, and the following is true: Rob has income tax nexus in Arizona, California, Nevada, and Washington. The Washington drivers spend 25 percent of their time driving through Oregon. California payroll includes $200,700 of payroll for services provided in Nevada by California-based drivers. What is Rob's California payroll numerator? $2,657,541 $933,952 Payroll $1,215,368 $ 350,533 $ 1,134,652 $ 849,198 $ 323,158 $ 2,657,541 1
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