The rules for determining income tax nexus are the same as those for determining sales and use tax nexus.
The rules for determining income tax nexus are the same as those for determining sales and...
The rules for determining income tax nexus are the same as those for determining sales and use tax nexus. True False
The rules for determining income tax nexus are the same as those
for determining sales and use tax nexus.
Mr. Dodd's use tax liability to his home state equals 6% of the purchase price of the furniture, None of the above is true. UESTION 10 Businesses are protected from income tax nexus in a particular state if (and only in all the following apply The taxpayer sells only tangible personal property in that state The taxpayer delivers products from within...
Some of the states use, in determining whether an out-of-state entity has income tax nexus: a. Both a. and b are used by certain states. b. Neither a. nor b is used by the states. c. A factor-presence test. d. An economic presence test.
Businesses are protected from income tax nexus in a particular state if (and only if) all the following apply: he taxpayer sells only tangible personal property in that state. The taxpayer delivers products from within the state. The taxpayer is nondomiciliary. The taxpayer’s in-state activities are limited to solicitation of sales
Physical presence does not create an income tax nexus for sellers of tangible personal property if their activities in the state are limited to “protected” activities as described by Public Law 86-272.
1.The rules used for determining taxable income in various countries: have the same objective as the rules used for determining income for financial reporting purposes. have an objective designed to provide a basis for funding government operations. are not the result of a political process. measure changes in a firm’s underlying economic condition. 2.Which one of the following contingencies must be accrued on the balance sheet? Multiple Choice The likely loss on a lawsuit that the firm’s attorneys believe will...
Under Public Law 86-272, which of the following actions by itself would create income tax nexus for a taxpayer with a state? a. Maintenance of the taxpayer’s inventory in the state by an independent contractor to be used for deliveries to customers in the state. b. Having a sales employee who is a resident of the state, but who performs services only in another state. c. Using an independent contractor who acts as sales agent for the taxpayer through the...
The concepts of unitary groups and combined reporting allow for States to tax the income of an entity that does not have nexus with the State. States assert that this is a mechanism to prevent taxpayers from distorting business income by locating profitable operations in low tax jurisdictions, and low profit or loss making activities in high income states. For example, locating Marketing and Legal services in a separate legal entity with no income in State A and only nexus...
Corporate Finance: Article from IRS Website: Advance Payment for Sales Special rules apply to including income from advance payments on agreements for future sales or other dispositions of goods held primarily for sale to customers in the ordinary course of your trade or business. However, the rules do not apply to a payment (or part of a payment) for services that are not an integral part of the main activities covered under the agreement. An agreement includes a gift certificate...
4.) The rules for consolidated reporting for financial stament purposes are the same as the rules for consolidated reporting purposes? True False 6.) Which of the following items is not a permanent book to tax difference ? A.) 50% business meal hair cut B.)fines and penalties C) severance expenses D.) officer compensation in excess of 1 million 7) For corporations which of the following regarding net capital losses is true? A) a corporation that experiences a net capital losses is true...