Provide the Required Information for Orange Corporation Whose Federal Taxable

question 26

Essay

Provide the required information for Orange Corporation whose Federal taxable income totals $100 million. Orange apportions 70% of its business income to State C. Orange generates $10 million of nonbusiness income each year.
Of that income, 40% is attributable to rentals of buildings located in C. Orange's business income this year totals $90 million.
a. State C taxes how much of Orange's business income?
b. State C taxes how much of Orange's nonbusiness income?
c. Explain your results.

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Definitions:

Narcissistic

A personality trait characterized by an inflated sense of self-importance, a deep need for excessive attention and admiration, combined with a lack of empathy for others.

Neurotic

A term describing individuals who are prone to emotional instability, anxiety, and other psychological stresses.

Conscientiousness

A personality trait characterized by being diligent, careful, and organized.

Agreeableness

A personality trait that reflects a person's tendency to be compassionate, cooperative, and friendly toward others.