Reference no: EM1375391
Milt Corporation owns and operates two facilities that manufacture paper products. One of facilities is situated in State D, and other is located in State E. Milt prepare $1,200,000 of taxable income, comprised of $1,000,000 of income from its manufacturing facilities and a $200,000 gain from sale of non-business property located in E. E does not distinguish between business and non-business property. D apportions business income. Milt's activities within two states are outlined below.
State D State E Total
Sales of paper products $4,500,000 $1,500,000 $6,000,000
Property 3,500,000 2,500,000 6,000,000
Payroll 1,500,000 1,000,000 2,500,000
Both D and E use a three-factor apportionment formula, under which sales, property, and payroll are equally weighted. Evaluate the amount of Milt's income that is subject to income tax by each state. Make sure to evaluate the full taxable income and show all calculations.
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