Sam Corp is subject to tax in only one state. During the year, it generated the following:
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Sam Corp is subject to tax in only one state. During the year, it generated the following:
State income tax expense of 50,000
Refund of state income tax of 20,000
Depreciation 350,000
US Government Interest 1,000,000
Federal taxable income is $3,000,000. The state’s depreciation rule only permits $100,000 depreciation.
What is the corporation’s state-adjustable taxable income?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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