Reference no: EM132650709
Problem - Tootie Corporation operates in states A and B as indicated below. All goods are manufactured in State A. Determine the sales to be assigned to both states in computing Tootie's sales factor for the year. Both states follow the UDITPA and the MTC regulations in this regard.
Sales shipped to A locations $300,000
Sales shipped to B locations 500,000
Interest income from Tootie's B business checking accounts 5,000
Rent income from excess space in A warehouse 40,000
Interest income from Treasury bills in Tootie's B brokerage account, holding only idle cash from operations 65,000
One-time sale of display equipment to B purchaser (tax basis $90,000) 75,000
Royalty received from holding patent, licensed to B user 90,000
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