Ramirez Corporation Is Subject to Income Tax Only in State

question 42

Multiple Choice

Ramirez Corporation is subject to income tax only in State A.Ramirez generated the following income and deductions. $$\begin{array} { l r } \text { Federal taxable income } & \$ 500,000 \\\text { State A income tax expense } & 45,000 \\\text { Depreciation allowed for Federal tax purposes } & 300,000 \\\text { Depreciation allowed for state tax purposes } & 250,000\end{array}$$ ? Federal taxable income is the starting point in computing A taxable income.State income taxes are not deductible for A tax purposes.Ramirez's A taxable income is:

• A)$495,000.
• B)$500,000.
• C)$545,000.
• D)$595,000.

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