Local and state taxes

Which of the following true regarding  Public Law 86-272:

It does not apply to sales/use or net worth taxes

It is a federal law

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It only applies to sales of tangible personal property

All of the above

 

Which of the following issues does not apply to the sales/receipts factor:

Throwback rule

Dock sales

Exclusion of idle property 

Market-based sourcing

 

Combined reporting is administratively more complex than separate company reporting

True False

 

Which function of a State Revenue Department is tasked with conducting an examination of the tax returns filed by a corporation?

Collections

Audit

Tax policy and research

Taxpayer services

 

Which of the following is an example of a statutory state income tax credit?

a. Research tax credit

b. Investment tax credit

c. Job creation tax credit

d. All of the above

 

e. None of the above

 
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