The memo should be between 1,000-1,500 words with the followingsections in order presented: Facts, Analysis, and Conclusion
This will be for whatever state is chosen
. State corporate income tax laws. Go to theInternet site of a state revenue department of your choice or thestate assigned to you by the instructor. Links to all state revenuedepartments can be found at www.taxsites.com/State-Links.html.Download and print out the instructions for filing an income taxreturn for a C corporation, including the instructions forapportioning income. Note that some states refer to their corporateincome tax as a “corporate franchise tax.
” Using the tax return instructions, answer the followingquestions regarding that state’s corporate income tax laws.
a. What is the corporate tax rate (or tax rate schedule)?
b. Under what circumstances must a corporation file an incometax return?
c. What are the filing options for a group of commonlycontrolled corporations?
d. Does the computation of state taxable income start withfederal taxable income? If so, does the computation begin with line28 or line 30 of federal Form 1120?
e. Briefly describe any addition or subtraction modificationsthat are required for the following items:
(i) dividends-received deduction,
(ii) state and local income taxes,
(iii) interest earned on debt obligations of the federalgovernment,
(iv) interest earned on debt obligations of state and localgovernments,
(v) expenses related to federal or state tax credits, (vi)federal Section 168(k) first-year bonus depreciation,
(vii) royalties and interest paid to related parties,
(viii) federal Section 199 domestic production activitiesdeduction,
(ix) federal Subpart F income and Section 78 gross-up incomerelated to foreign (non-U.S.) subsidiaries, and
(x) net operating loss deductions.
f. What is the apportionment formula?
g. Are specialized apportionment formulae required for financialinstitutions or transportation companies? If so, what are they?
(iii) Dividends to the extent included in taxable income
(iv) Royalties on business property (
v) Capital gains from sales of intangible business property
(vi) Gains from the sale of fixed assets such as machinery andequipment
i. Is there a sales factor throwback rule?
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