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Tax HW 8 Tennyson - 810828350 ACCTG321 Spring2010 HW8 1...

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810828350 ACCTG 321 Spring 2010 HW 8 1. Read Sections I-V of the Multistate Tax Commission’s rules on PL 86-272 and  summarize the effects of 86-272. The effects of PL 86-272 include the requirements for a state to tax income earned  within inter-state commerce, a connection must be visible.  This law prevents a state  from taxing corporations for merely solicitation out of state. 2. DHG Corp is headquartered in and operates in CA.  It also has sales (and nexus)  in SC.  For 2009, DHG’s records indicate the following: Federal taxable income 3,000,000 Tax payments deducted and made to CA 100,000 Tax payments deducted and made to SC 50,000 Muni interest from investment in CA bonds 3,000 Muni interest from investment in SC bonds 5,000 Federal depreciation 300,000 CA depreciation 350,000 SC depreciation 200,000 Rental income is $200,000 for CA and $100,000 for SC and both were included in Federal  income.  The CA rental properties would be considered non-business income in CA but 
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