CHAPTER 24 - Matching & Completion

CHAPTER 24 - Matching & Completion - MATCHING Match...

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MATCHING Match each of the following terms with the appropriate description, in the state income tax formula. a. Addition modification b. Subtraction modification c. No modification 1. Home-state bond interest income 2. Treasury Bond interest income 3. Excessive state depreciation deduction 4. Deduction for Federal communications tax 5. Federal NOL deduction 6. Federal ACE adjustment 7. Federal deduction for employee compensation 1. ANS: A REF: Exhibit 24-1 2. ANS: B REF: Exhibit 24-1 3. ANS: B REF: Exhibit 24-1 4. ANS: C REF: Exhibit 24-1 5. ANS: A REF: Exhibit 24-1 6. ANS: C REF: Exhibit 24-1 7. ANS: C REF: Exhibit 24-1 Match each of the following items with the appropriate description, in applying the P.L. 86-272 definition of solicitation. a. More than solicitation, creates nexus b. Solicitation only, no nexus created 8. Approving a sales order 9. Conducting an advertising campaign on local TV stations 10. Investigating the creditworthiness of customers 11. Training administrative personnel 12. An employee uses an in-state home office 13. Operating an office to interview and hire employees 14. Owning a company car used on sales trips to the state 8. ANS: A REF: Exhibit 24-2 9. ANS: B REF: Exhibit 24-2 10. ANS: A REF: Exhibit 24-2 11. ANS: A REF: Exhibit 24-2 12. ANS: A REF: Exhibit 24-2 13. ANS: A REF: Exhibit 24-2 14. ANS: B REF: Exhibit 24-2
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COMPLETION 1. The starting point in computing state taxable income generally is ____________________ ____________________ ____________________. ANS: Federal taxable income
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CHAPTER 24 - Matching & Completion - MATCHING Match...

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