Part III- Enter the appropriate word(s) to complete the statement. (10 points)

41. In computing the property factor, property owned by the corporation typically is valued at its ____________________, but without adjusting for depreciation.

42. Under common terminology, a unitary group files a ____________________ (combined/consolidated) state income tax return.

43. The ____________________ tax usually is applied at the city or county level as its main source of revenue.

44. In some states, an S corporation must withhold Federal income tax for the proportionate flow-through income of its shareholders who ____________________ (are/are not) state residents.

45. In the apportionment formula, most states assign more than a one-third weight to the ____________________ factor.

46. A state might levy a(n) ____________________ tax when an investor sells shares of stock.

47. ____________________ describe(s) the degree of business activity that must be present before a taxing jurisdiction has the right to impose a tax on an out-of-state entitys income.

48. A state sales/use tax is designed to be collected by the ____________________ (seller/purchaser) of the product and then remitted to the state.

49. Allocation is a method under which a corporations _________________________ taxable income is directly assigned to the specific states where the income is derived.

50. When a _________________________ rule is in effect, out-of-state sales that are not subject to tax in the destination state are pulled back into the sales factor numerator of the origination state.