In Determining a Corporation's Taxable Income for State Income Tax

question 48

Multiple Choice

In determining a corporation's taxable income for state income tax purposes, which of the following does not constitute a subtraction from Federal income?

• A)Interest on U.S.obligations.
• B)Expenses that are directly or indirectly related to state and municipal interest that is taxable for state purposes.
• C)Federal corporate income taxes paid.
• D)The amount by which the Federal depreciation deduction exceeds the corresponding state amount.

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