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Business, 05.12.2019 23:31 sanic123

Herger corporation does business in california, nevada, and oregon and has income tax nexus in these states as well. herger’s california state tax base was $921,023 after making the required federal/state adjustments. herger’s federal tax return contains the following items: item

amount

federal t-note interest income

$
5,900

nevada municipal bond interest income

$
3,690

california municipal bond interest income

$
5,500

interest expense related to t-note interest income

$
1,540

royalty income

$
181,000

travel expenses

$
10,100

determine herger’s california business income.

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Herger corporation does business in california, nevada, and oregon and has income tax nexus in these...
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