Dott Corporation generated $300,000 of state taxable income from selling its mapping software in States A and B.For the taxable year, the corporation's activities within the two states were as follows.
Dott has determined that it is subject to tax in both A and B.Both states utilize a three-factor apportionment formula which equally weights sales, property, and payroll.The rates of corporate income tax imposed in A and B are 7% and 10%, respectively.Determine Dott's state income tax liability.
Definitions:
Large Part
A phrase indicating a significant portion or majority of a whole.
Elastic Demand
A situation where the quantity demanded of a product changes significantly in response to a change in price.
Substitutes
Products or services that can be used in place of each other; an increase in the price of one leads to an increase in demand for the other.
Available
Referring to resources or goods that are obtainable and can be utilized.
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