A state corp, all of whose business os done within the city, showed the following for 2018: Entire net income $1000 Salaries to Office deducted in determining entire net income $40000 Average capital $450000 The corp's city business tax payable {assuming a 7% rate on income and a .001 rate on capital) is A. $546 B. $450 C.$70 D. $25
A state corp, all of whose business os done within the city, showed the following for 2018: Entire net income $1000 Salaries to Office deducted in determining entire net income $40000 Average capital $450000 The corp's city business tax payable {assuming a 7% rate on income and a .001 rate on capital) is A. $546 B. $450 C.$70 D. $25
Chapter20: Income Taxation Of Trusts And Estates
Section: Chapter Questions
Problem 16CE
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1.
A state corp, all of whose business os done within the city, showed the following for 2018:
Entire net income $1000
Salaries to Office deducted in determining entire net income $40000
Average capital $450000
The corp's city business tax payable {assuming a 7% rate on income and a .001 rate on capital) is
A. $546 B. $450 C.$70 D. $25
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