Philly Cheesecake Corporation (“Cheesecake") operates food stands in several states and is headquartered in Philadelphia, Pennsylvania. Philly has a Pennsylvania state income tax base of $500,000. Of this amount, $150,000 was nonbusiness income. Philly Cheesesteak's Pennsylvania apportionment factor is 28.52 percent. The nonbusiness income allocated to Pennsylvania was $61,000. Assuming a Pennsylvania corporate tax rate of 7.75 percent, what is Philly Cheesesteak's Pennsylvania state tax liability? а. $19,361 b. $11,051 С. $12,464 d. $4,727

Philly Cheesecake Corporation (“Cheesecake") operates food stands in several states and is headquartered in Philadelphia, Pennsylvania. Philly has a Pennsylvania state income tax base of $500,000. Of this amount, $150,000 was nonbusiness income. Philly Cheesesteak's Pennsylvania apportionment factor is 28.52 percent. The nonbusiness income allocated to Pennsylvania was $61,000. Assuming a Pennsylvania corporate tax rate of 7.75 percent, what is Philly Cheesesteak's Pennsylvania state tax liability? а. $19,361 b. $11,051 С. $12,464 d. $4,727

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter24: Multistate Corporate Taxation

Section: Chapter Questions

Problem 23CE

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