A Pirate’s Life for Me, Inc. has been doing business for years in New York State providing boat building services. This year is the first year it was able to expand its business to another state, North Carolina. During the year the company had $1,000,000 of sales in New York State and $1,200,000 of sales in North Carolina. A Pirate’s Life for Me, Inc. had payroll and property only in New York in the amount of $1,500,000 and $5,000,000, respectively. NC applies a single sale factor apportionment formula.

Please explain the tax impact to the company of doing business in North Carolina and where the company will have to file corporate tax returns this year.

Answer rating: 100% (QA)

i Here below given the details related to this as well iHere Application of Single Sale factor Appor... View the full answer